Warner Media (TWX) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	TWX
Entity Registrant Name	TIME WARNER INC.
Entity Central Index Key	1,105,705
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		775,537,504

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 1,450	$ 1,539
Receivables, less allowances of $848 and $981	8,540	8,699
Inventories	1,983	2,062
Prepaid expenses and other current assets	935	1,185
Total current assets	12,908	13,485
Noncurrent inventories and theatrical film and television production costs	7,923	7,916
Investments, including available-for-sale securities	3,412	3,337
Property, plant and equipment, net	2,462	2,510
Intangible assets subject to amortization, net	738	783
Intangible assets not subject to amortization	7,005	7,005
Goodwill	27,738	27,752
Other assets	3,463	3,178
Total assets	65,649	65,966
Current liabilities
Accounts payable and accrued liabilities	6,766	7,192
Deferred revenue	588	564
Debt due within one year	808	1,947
Total current liabilities	8,162	9,703
Long-term debt	22,402	22,392
Deferred income taxes	2,620	2,678
Deferred revenue	493	486
Other noncurrent liabilities	6,515	6,341
Redeemable noncontrolling interest	30	29
Commitments and Contingencies (Note 14)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 775 million and 772 million shares outstanding	17	17
Additional paid-in capital	146,279	146,780
Treasury stock, at cost (877 million and 880 million shares)	(47,313)	(47,497)
Accumulated other comprehensive loss, net	(1,527)	(1,510)
Accumulated deficit	(72,031)	(73,455)
Total Time Warner Inc. shareholders’ equity	25,425	24,335
Noncontrolling interest	2	2
Total equity	25,427	24,337
Total liabilities and equity	$ 65,649	$ 65,966

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets
Allowances	$ 848	$ 981
Equity
Time Warner common stock, par value	$ 0.01	$ 0.01
Time Warner common stock, shares issued	1,652	1,652
Time Warner common stock, shares outstanding	775	772
Treasury stock, shares	877	880

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 7,735	$ 7,308
Costs of revenues	(4,333)	(4,005)
Selling, general and administrative	(1,275)	(1,251)
Amortization of intangible assets	(45)	(48)
Restructuring and severance costs	(12)	(5)
Asset impairments	(1)	(3)
Gain on operating assets, net	7	0
Operating income	2,076	1,996
Interest expense, net	(259)	(284)
Other income (loss), net	76	(40)
Income from continuing operations before income taxes	1,893	1,672
Income tax provision	(470)	(498)
Income from continuing operations	1,423	1,174
Discontinued operations, net of tax	0	40
Net income	1,423	1,214
Less Net loss attributable to noncontrolling interests	1	0
Net income attributable to Time Warner Inc. shareholders	1,424	1,214
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations	1,424	1,174
Discontinued operations, net of tax	0	40
Net income attributable to Time Warner Inc. shareholders	$ 1,424	$ 1,214
Per share information attributable to Time Warner Inc. common shareholders:
Basic income per common share from continuing operations (in dollars per share)	$ 1.84	$ 1.48
Discontinued operations (in dollars per share)	0	0.05
Basic net income per common share (in dollars per share)	$ 1.84	$ 1.53
Average basic common shares outstanding (in shares)	773.6	790.7
Diluted income per common share from continuing operations (in dollars per share)	$ 1.80	$ 1.46
Discontinued operations (in dollars per share)	0	0.05
Diluted net income per common share (in dollars per share)	$ 1.80	$ 1.51
Average diluted common shares outstanding (in shares)	789.3	802.3
Cash dividends declared per share of common stock (in dollars per share)	$ 0.4025	$ 0.4025

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 1,423	$ 1,214
Foreign currency translation:
Unrealized losses occurring during the period	(11)	(39)
Securities:
Unrealized gains occurring during the period	0	1
Benefit obligations:
Unrealized gains occurring during the period	2	5
Reclassification adjustment for losses realized in net income	5	6
Change in benefit obligations	7	11
Derivative financial instruments:
Unrealized losses occurring during the period	(15)	0
Reclassification adjustment for (gains) losses realized in net income	2	(17)
Change in derivative financial instruments	(13)	(17)
Other comprehensive loss	(17)	(44)
Comprehensive income	1,406	1,170
Less Comprehensive loss attributable to noncontrolling interests	1	0
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,407	$ 1,170

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATIONS
Net income	$ 1,423	$ 1,214
Less Discontinued operations, net of tax	0	(40)
Net income from continuing operations	1,423	1,174
Adjustments for noncash and nonoperating items:
Depreciation and amortization	165	167
Amortization of film and television costs	2,203	2,112
Asset impairments	1	3
(Gain) loss on investments and other assets, net	(166)	11
Equity in losses of investee companies, net of cash distributions	93	50
Equity-based compensation	57	108
Deferred income taxes	(44)	113
Changes in operating assets and liabilities, net of acquisitions	(2,266)	(2,981)
Cash provided by operations from continuing operations	1,466	757
Cash used by operations from discontinued operations	(5)	(4)
Cash provided by operations	1,461	753
INVESTING ACTIVITIES
Investments in available-for-sale securities	0	(5)
Investments and acquisitions, net of cash acquired	(168)	(93)
Capital expenditures	(98)	(75)
Other investment proceeds	240	18
Cash used by investing activities	(26)	(155)
FINANCING ACTIVITIES
Borrowings	0	2
Debt repayments	(1,144)	(152)
Proceeds from exercise of stock options	56	56
Excess tax benefit from equity instruments	0	27
Principal payments on capital leases	(3)	(3)
Repurchases of common stock	0	(711)
Dividends paid	(316)	(322)
Other financing activities	(117)	(110)
Cash used by financing activities	(1,524)	(1,213)
DECREASE IN CASH AND EQUIVALENTS	(89)	(615)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	1,539	2,155
CASH AND EQUIVALENTS AT END OF PERIOD	$ 1,450	$ 1,540

Consolidated Statement Of Equit

Consolidated Statement Of Equity - USD ($) $ in Millions	Total	Time Warner Shareholders	Noncontrolling Interests
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2015	$ 23,619	$ 23,619	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,215	1,214	1	[1]
Other comprehensive loss	(44)	(44)	0
Cash dividends	(322)	(322)	0
Common stock repurchases	(713)	(713)	0
Other, primarily related to stock options and restricted stock units	89	89	0
BALANCE AT END OF PERIOD at Mar. 31, 2016	23,844	23,843	1
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2016	24,337	24,335	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,424	1,424	0	[1]
Other comprehensive loss	(17)	(17)	0
Cash dividends	(316)	(316)	0
Common stock repurchases	0	0	0
Other, primarily related to stock options and restricted stock units	(1)	(1)	0
BALANCE AT END OF PERIOD at Mar. 31, 2017	$ 25,427	$ 25,425	$ 2
[1]	Net income excludes losses of $1 million for both of the three months ended March 31, 2017 and March 31, 2016, relating to redeemable noncontrolling interests.

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1)	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Time Warner Inc. (“Time Warner” or the “Company”) is a leading media and entertainment company, whose businesses include television networks, and film and TV entertainment. Time Warner classifies its operations into three reportable segments: Turner : consisting principally of cable networks and digital media properties; Home Box Office : consisting principally of premium pay television services and a service that delivers video content to consumers over the internet (“OTT service”) domestically and premium pay, basic tier television and OTT services internationally; and Warner Bros. : consisting principally of television, feature film, home video and videogame production and distribution. Basis of Presentation Interim Financial Statements The consolidated financial statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim periods. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Time Warner included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “ 2016 Form 10-K”). Basis of Consolidation The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Time Warner has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowances for doubtful accounts, depreciation and amortization, the determination of ultimate revenues as it relates to amortization or impairment of capitalized film and programming costs and participations and residuals, home video and videogame product returns, business combinations, pension and other postretirement benefits, equity-based compensation, income taxes, contingencies, litigation matters, reporting revenue for certain transactions on a gross versus net basis, and the determination of whether the Company should consolidate certain entities. Accounting Guidance Adopted in 2017 Share-Based Payments On January 1, 2017, the Company adopted, on a prospective basis, new accounting guidance that changes the reporting for certain aspects of share-based payments. One aspect of the guidance requires that the income tax effects of share-based awards be recognized in the Income tax provision in the Consolidated Statement of Operations when the awards vest or are settled. Under the previous guidance, excess tax benefits and deficiencies were recognized in Additional paid-in capital in the Consolidated Balance Sheet. For the three months ended March 31, 2017 and 2016 , the amount of excess tax benefits, net of deficiencies, recognized in Income tax provision and Additional paid-in capital, respectively, was $63 million and $22 million , respectively. In addition, because excess tax benefits are no longer recognized in Additional paid-in capital under the new guidance, such amounts are no longer included in the determination of assumed proceeds in applying the treasury stock method when computing earnings per share. Another aspect of the new guidance requires that excess tax benefits be classified as a cash flow from operating activities, rather than a cash flow from financing activities, in the Consolidated Statement of Cash Flows. For the three months ended March 31, 2017 and 2016 , the amount of excess tax benefits presented as a cash flow from operating activities and financing activities, respectively, was $63 million and $27 million , respectively. The other aspects of the new guidance did not have a material effect on the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Net Periodic Benefit Costs In March 2017, guidance was issued that requires that an employer disaggregate the service cost component from the other components of net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans. While the service cost component of net periodic benefit costs will continue to be presented as an operating expense, the other components are now required to be recorded outside of operating income in the Consolidated Statement of Operations. For the year ended December 31, 2016 , net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans were $46 million , $4 million of which related to the service cost component. The guidance will become effective on a retrospective basis for the Company on January 1, 2018. Simplifying the Accounting for Goodwill Impairment In January 2017, guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 and is not expected to have a material impact on the Company’s consolidated financial statements. Definition of a Business In January 2017, guidance was issued that changes the definition of a business for accounting purposes. Under the new guidance, an entity first determines whether substantially all of the fair value of a set of assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of assets is not deemed to be a business. If the threshold is not met, the entity then evaluates whether the set of assets meets the requirement to be deemed a business, which at a minimum, requires there to be an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance will become effective on a prospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Restricted Cash In November 2016, guidance was issued that requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The guidance will become effective on a retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory In October 2016, guidance was issued that requires entities to recognize the income tax consequences of an intercompany transfer of an asset other than inventory when the transfer occurs, rather than deferring the income tax consequences of the intercompany transfer of assets until the asset has been sold to a third party. The guidance will become effective on a modified retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments In August 2016, guidance was issued that clarifies the presentation of certain cash receipts and payments in a company’s statement of cash flows. The guidance primarily relates to the classification of cash flows associated with certain (i) debt transactions, (ii) contingent consideration arrangements related to business combinations, (iii) insurance claims and policies, (iv) distributions received from equity method investees and (v) securitization transactions. The guidance will become effective on a retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Accounting for Leases In February 2016, guidance was issued regarding accounting for leases. The main difference between the current guidance and the new guidance is the recognition by the lessee of lease assets and liabilities for those leases it classified as operating leases under the current guidance. Under the new guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease as well as the lessor accounting model have not significantly changed from current guidance. This guidance also requires qualitative and quantitative disclosures of key information about leasing arrangements. The new guidance will become effective on a modified retrospective basis for the Company on January 1, 2019. The Company is still evaluating the impact of the new guidance on its consolidated financial statements. Because the Company is a party to more than 2,000 operating leases with future minimum rental commitments at December 31, 2016 of $1.154 billion , it expects that the impact of recognizing lease assets and liabilities for these operating leases will be significant to the Company’s Consolidated Balance Sheet. Recognition and Measurement of Financial Assets and Liabilities In January 2016, guidance was issued that makes limited changes to the accounting for financial instruments. The changes primarily relate to (i) the requirement to measure equity investments in unconsolidated subsidiaries, other than those accounted for under the equity method of accounting, at fair value, with changes in the fair value recognized in earnings, (ii) an alternative approach for the measurement of equity investments that do not have a readily determinable fair value, (iii) the elimination of the other-than-temporary impairment model and its replacement with a requirement to perform a qualitative assessment to identify the impairment of equity investments, and a requirement to recognize impairment losses in earnings based on the difference between the fair value and the carrying value of the equity investment, (iv) the elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, (v) the addition of a requirement to use the exit price concept when measuring the fair value of financial instruments for disclosure purposes and (vi) the addition of a requirement to present financial assets and financial liabilities separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market) and by form of financial asset (e.g., loans, securities). This guidance will become effective for the Company on January 1, 2018. The Company does not expect the new guidance to have a material impact on its consolidated financial statements. Revenue Recognition In May 2014, guidance was issued that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the new guidance is that an entity should recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this guidance requires new or expanded disclosures related to the judgments made by companies when following this framework. Based on the current guidance, the new framework will become effective on either a full or modified retrospective basis for the Company on January 1, 2018. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued by the FASB on this topic, the most recent of which was issued in December 2016. Many of these clarifications and updates to the guidance, as well as a number of interpretive issues, apply to companies in the media and entertainment industry. The Company has made significant progress toward completing its assessment of the impact of adopting this new guidance, and the Company is finalizing its implementation plan. The Company currently does not believe that the adoption of the new guidance will have a material impact on the Company’s financial statements, principally because the Company does not expect significant changes in the way it will record subscription revenue, advertising revenue, and a significant portion of its content revenue. However, it is possible that the Company’s evaluation of the expected impact of the new guidance on certain transactions could change if there are additional interpretations of the new revenue guidance that are different from the Company’s preliminary conclusions. Although the Company currently does not expect the impact of adopting the new guidance to be material, there are several areas where the Company’s revenue recognition is expected to change as compared with historical GAAP. The more significant of these areas are as follows: i. Renewals of Licenses of Intellectual Property - Under guidance currently in effect, when the term of an existing license agreement is extended, without any other changes to the provisions of the license, revenue for the renewal period is recognized on the date the renewal is agreed to contractually. Under the new guidance, revenue for the renewed license term will not be recognized until the date the renewal term begins. This change will result in delayed revenue recognition as compared with current revenue recognition guidance. The Company expects that this change will primarily impact the Warner Bros. segment, but it will also, to a lesser degree, impact the Home Box Office and Turner segments. ii. License of Content Library - Under guidance currently in effect, when a company licenses a completed library of content and agrees to refresh the library with new content as it becomes available, and the licensee is not entitled to a refund if no further library titles are delivered, revenue is recognized once access to the library is granted to the licensee. Under the new guidance, because there is an implicit obligation for the company to refresh the library with additional content in the future, the company will need to estimate the additional content it will deliver in the future and allocate a portion of the transaction price to that content. As compared with current guidance, this results in a deferral of a portion of the transaction price until delivery of future library content. The Company expects this change will primarily impact the Home Box Office segment. iii. Licenses of Symbolic Intellectual Property - Certain intellectual property, such as brands, tradenames and logos, is categorized in the new guidance as symbolic. An assumption inherent in the new guidance is that a licensee’s ability to derive benefit from a license of symbolic intellectual property depends on the licensor continuing to support or maintain the intellectual property throughout the license term. Accordingly, under the new guidance, revenue from licenses of symbolic intellectual property is recognized over the corresponding license term. In certain arrangements where the Company has no remaining performance obligations, under the guidance currently in effect, revenue from licenses of symbolic intellectual property is recognized at the inception of the license term. Therefore, the new guidance will result in a deferral of revenue recognition as compared to current guidance. This change will primarily impact the Warner Bros. segment. The evaluation of the impact of the new guidance on certain other transactions is still in process; however, the Company does not expect the completion of that evaluation to impact the Company’s conclusion that the adoption will not have a material impact on the Company’s financial statements. The Company currently expects to adopt the standard in 2018 using the modified retrospective method of adoption. However, the transition method ultimately selected could be affected by the Company’s pending merger with AT&T Inc. (“AT&T”) if the merger closes prior to the adoption of the new guidance. For more information regarding the AT&T merger, see Note 2.

Merger Agreement with AT&T

Merger Agreement with AT&T	3 Months Ended
	Mar. 31, 2017
Merger [Abstract]
MERGER AGREEMENT WITH AT&T	MERGER AGREEMENT WITH AT&T On October 22, 2016, Time Warner entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AT&T. The Merger Agreement provides for the merger of a newly formed wholly owned subsidiary of AT&T with and into Time Warner, with Time Warner continuing as the surviving company in the merger. Immediately thereafter, Time Warner will merge with and into a limited liability company formed by AT&T, which will continue as the surviving entity and a wholly owned subsidiary of AT&T. The Merger Agreement was unanimously approved by all members of Time Warner’s and AT&T’s boards of directors. Time Warner shareholders adopted the Merger Agreement at a special meeting of shareholders on February 15, 2017. Subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, upon consummation of the merger, each share of the Company’s common stock will be converted into the right to receive $53.75 in cash and a specified number of shares of AT&T stock, as set forth in the Merger Agreement and determined by reference to the average of the volume weighted averages of the trading price of AT&T common stock on the New York Stock Exchange (“NYSE”) on each of the 15 consecutive NYSE trading days ending on and including the trading day that is three trading days prior to the closing of the merger (the “Average Stock Price”). The stock portion of the per share consideration will be subject to a collar such that if the Average Stock Price is between $37.411 and $41.349 , Time Warner shareholders will receive shares of AT&T stock equal to $53.75 in value for each share of Time Warner common stock. If the Average Stock Price is below $37.411 , Time Warner shareholders will receive 1.437 AT&T shares for each share of Time Warner common stock. If the Average Stock Price is an amount greater than $41.349 , Time Warner shareholders will receive 1.300 AT&T shares for each share of Time Warner common stock. The merger is conditioned on the receipt of certain antitrust and other required regulatory consents. The merger is expected to close before year-end 2017. Should Time Warner terminate the Merger Agreement in specified circumstances, Time Warner may be required to pay AT&T a termination fee equal to $1.725 billion if Time Warner enters into or consummates an alternative transaction with a third party following such termination of the Merger Agreement.

Business Dispositions and Acqui

Business Dispositions and Acquisitions	3 Months Ended
	Mar. 31, 2017
Acquisitions and Dispositions [Abstract]
BUSINESS DISPOSITIONS AND ACQUISITIONS	BUSINESS DISPOSITIONS AND ACQUISITIONS For the three months ended March 31, 2016 , Discontinued operations, net of tax was income of $40 million ( $0.05 of diluted income from discontinued operations per common share), related to the recognition of certain tax benefits associated with foreign tax attributes of the Warner Music Group (“WMG”), which the Company disposed of in 2004.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments [Abstract]
INVESTMENTS	INVESTMENTS Central European Media Enterprises Ltd. As of March 31, 2017 , the Company had an approximate 47% voting interest in Central European Media Enterprises Ltd.’s (“CME”) common stock and an approximate 76% economic interest in CME on a diluted basis. As of March 31, 2017 , the Company owned 61.4 million shares of CME’s Class A common stock and 1 share of Series A convertible preferred stock, which is convertible into 11.2 million shares of CME’s Class A common stock and votes with the Class A common stock on an as-converted basis. The Company accounts for its investment in CME’s Class A common stock and Series A convertible preferred stock under the equity method of accounting. Although the book value of the Company’s equity method investment in CME has been reduced to zero through the recognition of equity method losses, the Company has continued to record equity method losses because it has guaranteed an aggregate amount of €955 million of CME’s obligations. The amount of such equity method losses at March 31, 2017 was $143 million and is presented in Other noncurrent liabilities on the Consolidated Balance Sheet. In addition, in connection with these guarantees, the Company recognized a liability at the inception of each respective arrangement based on the estimated fair value of the applicable guarantee. At March 31, 2017 , the carrying value of liabilities associated with such guarantees was $183 million , which is also included in Other noncurrent liabilities on the Consolidated Balance Sheet. Pursuant to the terms of all of CME’s outstanding senior debt, a change of control of Time Warner provides the administrative agent and/or lenders of this debt the right to declare the debt immediately due and payable. If that were to occur, Time Warner would be obligated under the terms of its guarantees to pay the full amount of the debt, subject to reimbursement from CME on the scheduled maturity dates for the debt in 2018, 2019 and 2021. As of March 31, 2017 , the Company owned all of the outstanding shares of CME’s Series B convertible redeemable preferred shares, which are non-voting and may be converted into 106.2 million shares of CME’s Class A common stock at the Company’s option. The Series B convertible redeemable preferred shares accrete in value until June 24, 2018 at an annual rate of 3.75% compounded quarterly. The Company accounts for its investment in CME’s Series B convertible redeemable preferred shares under the cost method of accounting. As of March 31, 2017 , the Company held 101 million warrants each to purchase one share of CME Class A common stock. The warrants, which became exercisable in May 2016, have a four -year term that expires in May 2018 and an exercise price of $1.00 per share and do not contain any voting rights. The warrants are carried at fair value in the Consolidated Balance Sheet, which at March 31, 2017 , was $213 million . As of March 31, 2017 , there were no amounts outstanding under the CME Revolving Credit Facility. On March 2, 2017, Time Warner, CME and CME Media Enterprises B.V. (“CME BV”), a wholly owned subsidiary of CME, entered into an amendment (the “2017 Amendment”) to the Amended and Restated Reimbursement Agreement, dated as of November 14, 2014, and as amended and restated as of February 19, 2016. Effective March 1, 2017, the 2017 Amendment reduced the guarantee fees payable by CME and CME BV to Time Warner for Time Warner’s guarantees of CME’s obligations under its €251 million senior unsecured term loan that matures on November 1, 2018 and its €235 million senior unsecured term loan that matures on November 1, 2019 as well as CME BV’s obligation under its €469 million senior unsecured term loan that matures on February 19, 2021. The reduced fee to be paid to Time Warner for each of these guarantees is equal to a rate (the “all-in” rate) ranging between 5% and 8.5% , measured quarterly based on CME’s consolidated net leverage ratio, less the interest rate on the term loans. A portion of the fee equal to 5.0% less the interest rate on the term loans is payable in cash by CME and CME BV and the remainder may be payable in cash or in kind, at CME’s option. The 2017 Amendment also provides that if CME’s consolidated debt level is less than €815 million by September 30, 2018, the all-in rate will be decreased further by 50 basis points. In addition, if there is a change in control of CME, the all-in rate will increase to the lower of (i) the then applicable guarantee fee payable to Time Warner plus 3.5% and (ii) 10.0% on the date that is 180 days following such change of control. The 2017 Amendment did not affect the terms of the guarantees the Company provided to CME’s and CME BV’s lenders under the term loans.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively (millions): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 170 $ — $ — $ 170 $ 163 $ — $ — $ 163 Available-for-sale securities: Equity securities 16 — — 16 17 — — 17 Debt securities — 36 — 36 — 37 — 37 Derivatives: Foreign exchange contracts — 136 — 136 — 153 — 153 Other — — 214 214 — — 161 161 Liabilities: Derivatives: Foreign exchange contracts — (13 ) — (13 ) — (9 ) — (9 ) Other — — (1 ) (1 ) — — — — Total $ 186 $ 159 $ 213 $ 558 $ 180 $ 181 $ 161 $ 522 _________________________ (a) Consists of investments related to deferred compensation. The Company primarily applies the market approach for valuing recurring fair value measurements. As of March 31, 2017 and December 31, 2016 , assets valued using significant unobservable inputs (Level 3) primarily related to warrants to purchase shares of Class A common stock of CME valued at $213 million and $159 million , respectively. The Company estimates the fair value of these warrants using a Monte Carlo Simulation model. Significant unobservable inputs used in the fair value measurement at March 31, 2017 are an expected term of 0.69 years and an expected volatility of approximately 46% . As of March 31, 2017 and December 31, 2016 , the other Level 3 assets consisted of equity instruments held by employees of a former subsidiary of the Company. As of March 31, 2017 , Level 3 liabilities consisted of a liability related to contingent consideration. The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the three months ended March 31, 2017 and 2016 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2017 and 2016 (millions): March 31, 2017 March 31, 2016 Balance as of the beginning of the period $ 161 $ 173 Total gains (losses), net: Included in operating income — — Included in other income (loss), net 54 (19 ) Included in other comprehensive loss — — Purchases — — Settlements (1 ) 5 Issuances (1 ) — Balance as of the end of the period $ 213 $ 159 Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period $ 54 $ (19 ) Other Financial Instruments The Company’s other financial instruments, including debt, are not required to be carried at fair value. Based on the interest rates prevailing at March 31, 2017 , the fair value of Time Warner’s public debt exceeded its carrying value by approximately $2.072 billion and, based on interest rates prevailing at December 31, 2016 , the fair value of Time Warner’s public debt exceeded its carrying value by approximately $2.238 billion . The fair value of Time Warner’s public debt is considered a Level 2 measurement as it is based on observable market inputs such as current interest rates and, where available, actual sales transactions. Unrealized gains or losses on debt do not result in the realization or expenditure of cash and generally are not recognized in the consolidated financial statements unless the debt is retired prior to its maturity. Information as of March 31, 2017 about the Company’s investments in CME that are not required to be carried at fair value on a recurring basis is as follows (millions): Carrying Value Fair Value Fair Value Hierarchy Class A common stock (a) $ — $ 225 Level 1 Series B convertible redeemable preferred shares $ — $ 329 Level 2 _________________________ (a) Includes 1 share of Series A convertible preferred stock. The fair values of the Company’s investments in CME’s Class A common stock (including Series A convertible preferred stock) and Series B convertible redeemable preferred shares are primarily determined by reference to the March 31, 2017 closing price of CME’s common stock. The carrying value for the majority of the Company’s other financial instruments approximates fair value due to the short-term nature of the financial instruments or because the financial instruments are of a longer-term nature and are recorded on a discounted basis. Non-Financial Instruments The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value. During the three months ended March 31, 2017 and March 31, 2016 , the Company also performed fair value measurements related to certain theatrical films and television programs. In determining the fair value of its theatrical films, the Company employs a DCF methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the respective business (e.g., Warner Bros.) plus a risk premium representing the risk associated with producing a particular theatrical film. The fair value of any theatrical films and television programs that management plans to abandon is zero . Because the primary determination of fair value is made using a DCF model, the resulting fair value is considered a Level 3 measurement. The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2017 $ 51 $ 30 2016 $ 28 $ 2

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS	INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS Inventories and theatrical film and television production costs consist of (millions): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 3,520 $ 3,625 Other inventory, primarily DVDs and Blu-ray Discs 182 184 Total inventories 3,702 3,809 Less: current portion of inventory (1,983 ) (2,062 ) Total noncurrent inventories 1,719 1,747 Theatrical film production costs: (b) Released, less amortization 724 818 Completed and not released 635 460 In production 1,086 1,286 Development and pre-production 126 133 Television production costs: (b) Released, less amortization 1,976 1,618 Completed and not released 645 841 In production 999 995 Development and pre-production 13 18 Total theatrical film and television production costs 6,204 6,169 Total noncurrent inventories and theatrical film and television production costs $ 7,923 $ 7,916 _________________________ (a) Includes the costs of certain programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $485 million and $518 million of acquired film library intangible assets as of March 31, 2017 and December 31, 2016 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Time Warner uses derivative instruments, primarily forward contracts, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and changes in fair value resulting from changes in foreign currency exchange rates. The principal currencies being hedged include the British Pound, Euro, Australian Dollar and Canadian Dollar. Time Warner uses foreign exchange contracts that generally have maturities of three to 18 months to hedge various foreign exchange exposures, including the following: (i) variability in foreign-currency-denominated cash flows, such as the hedges of unremitted or forecasted royalty and license fees owed to Time Warner’s domestic companies for the sale or anticipated sale of U.S. copyrighted products abroad or cash flows for certain film production costs denominated in a foreign currency (i.e., cash flow hedges), and (ii) currency risk associated with foreign-currency-denominated operating assets and liabilities (i.e., fair value hedges). The Company also enters into derivative contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. These economic hedges are used primarily to offset the change in certain foreign-currency-denominated intercompany debt due to changes in the underlying foreign exchange rates. The translation of revenues and expenses denominated in the functional currency of a foreign subsidiary may result in fluctuations in the U.S. Dollar-equivalent value of such revenues and expenses as compared to prior periods. Such transactions are not eligible for qualifying hedge accounting treatment, and the Company does not economically hedge this exposure. Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended March 31, 2017 2016 Gains (losses) recognized in: Cost of revenues $ (1 ) $ 9 Selling, general and administrative (3 ) 3 Other income (loss), net 1 22 Amounts included in Other income (loss), net include the impact of forward points and option premiums, which are excluded from the assessment of hedge effectiveness. Other amounts included in Other income (loss), net relate to hedge of foreign-currency-denominated debt and hedge ineffectiveness, which are not material. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions and has entered into collateral agreements with these counterparties to further protect the Company in the event of deterioration of the credit quality of such counterparties on outstanding transactions. Additionally, netting provisions are included in agreements in situations where the Company executes multiple contracts with the same counterparty. For such foreign exchange contracts, the Company offsets the fair values of the amounts owed to or due from the same counterparty and classifies the net amount as a net asset or net liability within Prepaid expenses and other current assets or Accounts payable and accrued liabilities, respectively, in the Consolidated Balance Sheet. The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at March 31, 2017 and December 31, 2016 (millions): March 31, December 31, Prepaid expenses and other current assets $ 136 $ 153 Accounts payable and accrued liabilities (13 ) (9 ) ________________________ (a) Includes $294 million ( $270 million of qualifying hedges and $24 million of economic hedges) and $171 million ( $164 million of qualifying hedges and $7 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $297 million ( $272 million of qualifying hedges and $25 million of economic hedges) and $153 million ( $141 million of qualifying hedges and $12 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. At March 31, 2017 and December 31, 2016 , $26 million and $46 million of gains, respectively, related to cash flow hedges are recorded in Accumulated other comprehensive loss, net and are expected to be recognized in earnings at the same time the hedged items affect earnings. Included in Accumulated other comprehensive loss, net at March 31, 2017 and December 31, 2016 are net losses of $1 million and $3 million , respectively, related to hedges of cash flows associated with films that are not expected to be released within the next twelve months. At March 31, 2017 , the carrying amount of the Company’s €700 million aggregate principal amount of debt due 2023 is designated as a hedge of the variability in the Company’s Euro-denominated net investments. The gain or loss on the debt that is designated as, and is effective as, an economic hedge of the net investment in a foreign operation is recorded as a currency translation adjustment within Accumulated other comprehensive loss, net in the Consolidated Balance Sheet. For the three months ended March 31, 2017 and 2016 , such amounts totaled $13 million and $7 million of losses , respectively.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Comprehensive Income (Loss) Comprehensive income (loss) is reported in the Consolidated Statement of Comprehensive Income and consists of Net income and other gains and losses affecting shareholders’ equity that, under GAAP, are excluded from Net income. For Time Warner, such items consist primarily of foreign currency translation gains (losses), unrealized gains and losses on certain derivative financial instruments and equity securities, and changes in benefit plan obligations. The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (10 ) $ (1 ) $ (11 ) $ (50 ) $ 11 $ (39 ) Unrealized gains on securities — — — 2 (1 ) 1 Unrealized gains on benefit obligations 3 (1 ) 2 7 (2 ) 5 Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 9 (3 ) 6 Unrealized gains (losses) on derivative financial instruments (23 ) 8 (15 ) 1 (1 ) — Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (b) 3 (1 ) 2 (27 ) 10 (17 ) Other comprehensive loss $ (19 ) $ 2 $ (17 ) $ (58 ) $ 14 $ (44 ) _________________________ (a) Pretax (gains) losses are included in Selling, general and administrative expenses. (b) Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2017 2016 Selling, general and administrative expenses $ 3 $ (3 ) Costs of revenues — (9 ) Other income (loss), net — (15 )

Income Per Common Share

Income Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
INCOME PER COMMON SHARE	INCOME PER COMMON SHARE Set forth below is a reconciliation of Basic and Diluted income per common share from continuing operations attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended March 31, 2017 2016 Income from continuing operations attributable to Time Warner Inc. shareholders $ 1,424 $ 1,174 Income allocated to participating securities (4 ) (3 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 1,420 $ 1,171 Average basic common shares outstanding 773.6 790.7 Dilutive effect of equity awards 15.7 11.6 Average diluted common shares outstanding 789.3 802.3 Antidilutive common share equivalents excluded from computation — 7 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.84 $ 1.48 Diluted $ 1.80 $ 1.46

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION The following table sets forth the number of stock options, RSUs and PSUs granted (millions): Three Months Ended March 31, 2017 2016 Stock options — 2.2 RSUs 0.4 2.7 PSUs — 0.2 The following table sets forth the weighted-average grant date fair value of restricted stock units (“RSUs”) granted during the three months ended March 31, 2017 and 2016 and PSUs granted during the three months ended March 31, 2016 . For PSUs, the service inception date precedes the grant date and requires the Company to apply mark-to-market accounting that is reflected in the grant date fair values presented: Three Months Ended March 31, 2017 2016 RSUs $ 96.28 $ 62.38 PSUs — 112.56 In connection with entering into the Merger Agreement, the Company granted special retention restricted stock units (“Special Retention RSUs”) to certain employees of Time Warner and its divisions, including all executive officers of Time Warner. Half of the Special Retention RSUs will vest 25% per year on each of the first four anniversaries of February 15, 2017, and the remaining half will vest 25% per year on each of the first four anniversaries of February 15, 2018. Pursuant to the Special Retention RSU agreements, vesting as a result of retirement is not permitted unless the employee retires after the merger has closed. In addition, the awards do not accelerate automatically following the closing of the merger. Instead, the employee must remain employed following the closing, and the awards will vest only upon the scheduled vesting date or upon termination of employment under certain circumstances, such as termination without cause, for good reason or due to retirement. The impact of equity-based compensation awards on Operating income is as follows (millions): Three Months Ended March 31, 2017 2016 Stock options $ 7 $ 21 RSUs and PSUs 50 87 Total impact on operating income $ 57 $ 108 Tax benefit recognized $ 19 $ 38 Total unrecognized compensation cost related to unvested Time Warner stock option awards as of March 31, 2017 , without taking into account expected forfeitures, is $46 million and is expected to be recognized over a weighted-average period of approximately 1 year. Total unrecognized compensation cost related to unvested RSUs and PSUs as of March 31, 2017 , without taking into account expected forfeitures, is $619 million and is expected to be recognized over a weighted-average period between 1 and 2 years.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	BENEFIT PLANS Components of Net Periodic Benefit Costs A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three months ended March 31, 2017 and 2016 is as follows (millions): Three Months Ended March 31, 2017 2016 Service cost $ 1 $ 1 Interest cost 16 22 Expected return on plan assets (15 ) (21 ) Amortization of net loss 3 4 Net periodic benefit costs (a) $ 5 $ 6 Contributions $ 10 $ 9 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $4 million for the three months ended March 31, 2017 and March 31, 2016 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other income (loss), net in the Consolidated Statement of Operations.

Restructuring and Severance Cos

Restructuring and Severance Costs	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND SEVERANCE COSTS	RESTRUCTURING AND SEVERANCE COSTS The Company’s Restructuring and severance costs primarily related to employee termination costs, ranging from senior executives to line personnel, and other exit costs, including lease terminations and real estate consolidations. Restructuring and severance costs expensed as incurred for the three months ended March 31, 2017 and 2016 are as follows (millions): Three Months Ended March 31, 2017 2016 Turner $ 2 $ 1 Home Box Office 2 4 Warner Bros. 9 1 Corporate (1 ) (1 ) Total restructuring and severance costs $ 12 $ 5 Three Months Ended March 31, 2017 2016 2017 initiatives $ 16 $ — 2016 and prior initiatives (4 ) 5 Total restructuring and severance costs $ 12 $ 5 Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2016 $ 162 $ 9 $ 171 Net accruals 12 — 12 Noncash reductions (a) (2 ) — (2 ) Cash paid (34 ) (1 ) (35 ) Remaining liability as of March 31, 2017 $ 138 $ 8 $ 146 _________________________ (a) Noncash reductions relate to the settlement of certain liabilities relating to employee compensation with equity instruments. As of March 31, 2017 , of the remaining $146 million liability, $95 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $51 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2020.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Time Warner classifies its operations into three reportable segments: Turner : consisting principally of cable networks and digital media properties; Home Box Office : consisting principally of premium pay television and OTT services domestically and premium pay, basic tier television and OTT services internationally; and Warner Bros. : consisting principally of television, feature film, home video and videogame production and distribution. Time Warner’s reportable segments have been determined in accordance with its internal management structure and the financial information that is evaluated regularly by the Company’s chief operating decision maker. In the ordinary course of business, Time Warner’s reportable segments enter into transactions with one another. The most common types of intersegment transactions include the Warner Bros. segment generating revenues by licensing television and theatrical programming to the Turner and Home Box Office segments. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses or assets recognized by the segment that is the counterparty to the transaction) are eliminated in consolidation and, therefore, do not affect consolidated results. Information as to the Revenues, intersegment revenues, Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended March 31, 2017 2016 Revenues Turner $ 3,088 $ 2,906 Home Box Office 1,568 1,506 Warner Bros. 3,365 3,109 Intersegment eliminations (286 ) (213 ) Total revenues $ 7,735 $ 7,308 Three Months Ended March 31, 2017 2016 Intersegment Revenues Turner $ 21 $ 20 Home Box Office 2 3 Warner Bros. 263 190 Total intersegment revenues $ 286 $ 213 Three Months Ended March 31, 2017 2016 Operating Income (Loss) Turner $ 1,170 $ 1,239 Home Box Office 583 477 Warner Bros. 488 424 Corporate (114 ) (140 ) Intersegment eliminations (51 ) (4 ) Total operating income $ 2,076 $ 1,996 March 31, 2017 December 31, Assets Turner $ 26,703 $ 26,317 Home Box Office 14,692 14,636 Warner Bros. 20,968 21,550 Corporate 3,286 3,463 Total assets $ 65,649 $ 65,966

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments Six Flags In connection with the Company’s former investment in the Six Flags theme parks located in Georgia and Texas (collectively, the “Parks”), in 1997, certain subsidiaries of the Company (including Historic TW and, in connection with the separation of Time Warner Cable Inc. in 2009, Warner Bros. Entertainment Inc.) agreed to guarantee (the “Six Flags Guarantee”) certain obligations of the partnerships that hold the Parks (the “Partnerships”) for the benefit of the limited partners in such Partnerships, including: annual payments made at the Parks or to the limited partners and additional obligations at the end of the respective terms for the Partnerships in 2027 and 2028 (the “Guaranteed Obligations”). The aggregate undiscounted estimated future cash flow requirements covered by the Six Flags Guarantee over the remaining term (through 2028) are $928 million (for a net present value of $456 million ). To date, no payments have been made by the Company pursuant to the Six Flags Guarantee. Six Flags Entertainment Corporation (formerly known as Six Flags, Inc. and Premier Parks Inc.) (“Six Flags”), which has the controlling interest in the Parks, has agreed, pursuant to a subordinated indemnity agreement (the “Subordinated Indemnity Agreement”), to guarantee the performance of the Guaranteed Obligations when due and to indemnify Historic TW, among others, if the Six Flags Guarantee is called upon. If Six Flags defaults in its indemnification obligations, Historic TW has the right to acquire control of the managing partner of the Parks. Six Flags’ obligations to Historic TW are further secured by its interest in all limited partnership units held by Six Flags. Because the Six Flags Guarantee existed prior to December 31, 2002 and no modifications to the arrangements have been made since the date the guarantee came into existence, the Company is required to continue to account for the Guaranteed Obligations as a contingent liability. Based on its evaluation of the current facts and circumstances surrounding the Guaranteed Obligations and the Subordinated Indemnity Agreement, the Company is unable to predict the loss, if any, that may be incurred under the Guaranteed Obligations, and no liability for the arrangements has been recognized at March 31, 2017 . Because of the specific circumstances surrounding the arrangements and the fact that no active or observable market exists for this type of financial guarantee, the Company is unable to determine a current fair value for the Guaranteed Obligations and related Subordinated Indemnity Agreement. Contingencies In the ordinary course of business, the Company and its subsidiaries are defendants in or parties to various legal claims, actions and proceedings. These claims, actions and proceedings are at varying stages of investigation, arbitration or adjudication, and involve a variety of areas of law. On April 4, 2007, the National Labor Relations Board (“NLRB”) issued a complaint against CNN America Inc. (“CNN America”) and Team Video Services, LLC (“Team Video”) related to CNN America’s December 2003 and January 2004 terminations of its contractual relationships with Team Video, under which Team Video had provided electronic news gathering services in Washington, D.C. and New York, NY. The National Association of Broadcast Employees and Technicians, under which Team Video’s employees were unionized, initially filed charges of unfair labor practices with the NLRB in February 2004, alleging that CNN America and Team Video were joint employers, that CNN America was a successor employer to Team Video, and/or that CNN America discriminated in its hiring practices to avoid becoming a successor employer or due to specific individuals’ union affiliation or activities. In the complaint, the NLRB sought, among other things, the reinstatement of certain union members and monetary damages. On November 19, 2008, the presiding NLRB Administrative Law Judge (“ALJ”) issued a non-binding recommended decision and order finding CNN America liable. On September 15, 2014, a three-member panel of the NLRB affirmed the ALJ’s decision and adopted the ALJ’s order with certain modifications. On November 12, 2014, both CNN America and the NLRB General Counsel filed motions with the NLRB for reconsideration of the panel’s decision. On March 20, 2015, the NLRB granted the NLRB General Counsel’s motion for reconsideration to correct certain inadvertent errors in the panel’s decision, and it denied CNN America’s motion for reconsideration. On July 9, 2015, CNN America filed a notice of appeal with the U.S. Court of Appeals for the D.C. Circuit regarding the panel’s decision and the denial of CNN America’s motion for reconsideration; on February 23, 2017, the U.S. Court of Appeals for the D.C. Circuit heard oral argument from the parties on CNN America’s appeal. The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. The Company has estimated a range of possible loss for legal claims for which the Company has determined a loss is probable or reasonably possible, including the matter disclosed above. The Company believes the estimate of the aggregate range of possible loss for such matters in excess of accrued liabilities is between $0 and $100 million at March 31, 2017 . The estimated aggregate range of possible loss is subject to significant judgment and a variety of assumptions. The matters represented in the estimated aggregate range of possible loss will change from time to time and actual results may vary significantly from the current estimate. In view of the inherent difficulty of predicting the outcome of litigation and claims, the Company often cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. An adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. Income Tax Uncertainties During the three months ended March 31, 2017 , the Company recorded net increases to income tax reserves of approximately $16 million , of which approximately $7 million impacted the Company’s effective tax rate. During the three months ended March 31, 2017 , the Company recorded net increases to interest reserves related to the income tax reserves of approximately $10 million . In the Company’s judgment, uncertainties related to certain tax matters are reasonably possible of being resolved during the next twelve months. The effect of such resolution, which could vary based on the final terms and timing of actual settlements with taxing authorities, is estimated to be a reduction of recorded unrecognized tax benefits ranging from $0 to $270 million , which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into certain transactions in the ordinary course of business with unconsolidated investees accounted for under the equity method of accounting. The transactions that generate revenue and expenses primarily relate to the licensing by the Warner Bros. segment of content to The CW broadcast network, Hulu and certain international networks, including networks owned by CME. Transactions that generate interest income and other income primarily relate to financing transactions with CME. Receivables due from related parties were $344 million and $265 million at March 31, 2017 and December 31, 2016 , respectively. Payables due to related parties were immaterial at March 31, 2017 and December 31, 2016 , respectively. Amounts included in the Consolidated Statement of Operations resulting from transactions with related parties consist of (millions): Three Months Ended March 31, 2017 2016 Revenues $ 234 $ 123 Expenses (1 ) — Interest income 23 41 Other income 2 5

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Mar. 31, 2017
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2017 2016 Cash Flows Cash payments made for interest $ (313 ) $ (291 ) Interest income received 10 13 Cash interest payments, net $ (303 ) $ (278 ) Cash payments made for income taxes $ (122 ) $ (134 ) Income tax refunds received 4 4 Cash tax payments, net $ (118 ) $ (130 ) Three Months Ended March 31, 2017 2016 Interest Expense, Net Interest income $ 49 $ 63 Interest expense (308 ) (347 ) Total interest expense, net $ (259 ) $ (284 ) Three Months Ended March 31, 2017 2016 Other Income (Loss), Net Investment gains (losses), net $ 159 $ (11 ) Loss on equity method investees (76 ) (34 ) Other (7 ) 5 Total other income (loss), net $ 76 $ (40 ) March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 521 $ 527 Other accrued expenses 1,605 1,878 Participations payable 2,583 2,525 Programming costs payable 850 776 Accrued compensation 651 1,004 Accrued interest 295 320 Accrued income taxes 261 162 Total accounts payable and accrued liabilities $ 6,766 $ 7,192 March 31, 2017 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,628 $ 1,567 Participations payable 1,939 1,780 Programming costs payable 786 827 Noncurrent pension and post-retirement liabilities 940 954 Deferred compensation 509 491 Other noncurrent liabilities 713 722 Total other noncurrent liabilities $ 6,515 $ 6,341 Accounting for Collaborative Arrangements The Company’s collaborative arrangements primarily relate to arrangements entered into with third parties to jointly finance and distribute theatrical productions and an arrangement entered into with CBS Broadcasting, Inc. (“CBS”) and The National Collegiate Athletic Association (the “NCAA”). For the Company’s collaborative arrangements entered into with third parties to jointly finance and distribute theatrical productions, net participation costs of $93 million and $73 million were recorded in Costs of revenues for the three months ended March 31, 2017 and 2016 , respectively. The arrangement among Turner, CBS and the NCAA provides Turner and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the United States and its territories and possessions through 2032. The aggregate rights fee, production costs, advertising revenues and sponsorship revenues related to the NCAA Tournament and related programming are shared by Turner and CBS. However, if the amount paid for the rights fee and production costs, in any given year, exceeds advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to specified annual amounts, ranging from approximately $30 million to $45 million .

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SUPPLEMENTARY INFORMATION - CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	Overview Set forth below are condensed consolidating financial statements presenting the financial position, results of operations and cash flows of (i) Time Warner Inc. (the “Parent Company”), (ii) Historic TW Inc. (in its own capacity and as successor by merger to Time Warner Companies, Inc.), Home Box Office, Inc., and Turner Broadcasting System, Inc., each a wholly owned subsidiary of the Parent Company (collectively, the “Guarantor Subsidiaries”), on a combined basis, (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the “Non-Guarantor Subsidiaries”), on a combined basis, and (iv) the eliminations necessary to arrive at the information for Time Warner Inc. on a consolidated basis. The Guarantor Subsidiaries fully and unconditionally, jointly and severally guarantee securities issued under certain of the Company’s indentures on an unsecured basis. There are no legal or regulatory restrictions on the Parent Company’s ability to obtain funds from any of its wholly owned subsidiaries through dividends, loans or advances. Basis of Presentation In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company’s interests in the Guarantor Subsidiaries and (ii) the Guarantor Subsidiaries’ interests in the Non-Guarantor Subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. generally accepted accounting principles. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” The Parent Company’s accounting bases in all subsidiaries, including goodwill and identified intangible assets, have been “pushed down” to the applicable subsidiaries. Corporate overhead expenses have been reflected as expenses of the Parent Company and have not been allocated to the Guarantor Subsidiaries or the Non-Guarantor Subsidiaries. Interest income (expense) is determined based on outstanding debt and the relevant intercompany amounts at the respective subsidiary. All direct and indirect domestic subsidiaries are included in Time Warner Inc.’s consolidated U.S. tax return. In the condensed consolidating financial statements, tax provision has been allocated based on each such subsidiary’s relative pretax income to the consolidated pretax income. With respect to the use of certain consolidated tax attributes (principally operating and capital loss carryforwards), such benefits have been allocated to the respective subsidiary that generated the taxable income permitting such use (i.e., pro-rata based on where the income was generated). For example, to the extent a Non-Guarantor Subsidiary generated a gain on the sale of a business for which the Parent Company utilized tax attributes to offset such gain, the tax attribute benefit would be allocated to that Non-Guarantor Subsidiary. Deferred taxes of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been determined based on the temporary differences between the book and tax basis of the respective assets and liabilities of the applicable entities. Certain transfers of cash between subsidiaries and their parent companies and intercompany dividends are reflected as cash flows from investing and financing activities in the accompanying Condensed Consolidating Statements of Cash Flows. All other intercompany activity is reflected in cash flows from operations. Management believes that the allocations and adjustments noted above are reasonable. However, such allocations and adjustments may not be indicative of the actual amounts that would have been incurred had the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries operated independently. Consolidating Balance Sheet March 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 300 $ 98 $ 1,052 $ — $ 1,450 Receivables, net 116 1,237 7,223 (36 ) 8,540 Inventories — 574 1,441 (32 ) 1,983 Prepaid expenses and other current assets 409 107 419 — 935 Total current assets 825 2,016 10,135 (68 ) 12,908 Noncurrent inventories and theatrical film and television production costs — 1,891 6,063 (31 ) 7,923 Investments in amounts due to and from consolidated subsidiaries 48,770 10,915 13,092 (72,777 ) — Investments, including available-for-sale securities 297 449 2,671 (5 ) 3,412 Property, plant and equipment, net 52 415 1,995 — 2,462 Intangible assets subject to amortization, net — — 738 — 738 Intangible assets not subject to amortization — 2,007 4,998 — 7,005 Goodwill — 9,880 17,858 — 27,738 Other assets 533 506 2,653 (229 ) 3,463 Total assets $ 50,477 $ 28,079 $ 60,203 $ (73,110 ) $ 65,649 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 754 $ 814 $ 5,290 $ (92 ) $ 6,766 Deferred revenue — 75 520 (7 ) 588 Debt due within one year 295 511 2 — 808 Total current liabilities 1,049 1,400 5,812 (99 ) 8,162 Long-term debt 19,331 3,062 9 — 22,402 Deferred income taxes 2,620 2,872 2,023 (4,895 ) 2,620 Deferred revenue — 26 467 — 493 Other noncurrent liabilities 2,052 1,885 3,938 (1,360 ) 6,515 Redeemable noncontrolling interest — — 30 — 30 Equity Due to (from) Time Warner Inc. and subsidiaries — (54,590 ) (1,287 ) 55,877 — Other shareholders’ equity 25,425 73,424 49,209 (122,633 ) 25,425 Total Time Warner Inc. shareholders’ equity 25,425 18,834 47,922 (66,756 ) 25,425 Noncontrolling interest — — 2 — 2 Total equity 25,425 18,834 47,924 (66,756 ) 25,427 Total liabilities and equity $ 50,477 $ 28,079 $ 60,203 $ (73,110 ) $ 65,649 Consolidating Balance Sheet December 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 617 $ 91 $ 831 $ — $ 1,539 Receivables, net 118 1,294 7,329 (42 ) 8,699 Inventories — 528 1,564 (30 ) 2,062 Prepaid expenses and other current assets 639 91 455 — 1,185 Total current assets 1,374 2,004 10,179 (72 ) 13,485 Noncurrent inventories and theatrical film and television production costs — 1,929 6,028 (41 ) 7,916 Investments in amounts due to and from consolidated subsidiaries 48,212 11,319 13,155 (72,686 ) — Investments, including available-for-sale securities 274 441 2,628 (6 ) 3,337 Property, plant and equipment, net 48 423 2,039 — 2,510 Intangible assets subject to amortization, net — — 783 — 783 Intangible assets not subject to amortization — 2,007 4,998 — 7,005 Goodwill — 9,880 17,872 — 27,752 Other assets 520 385 2,522 (249 ) 3,178 Total assets $ 50,428 $ 28,388 $ 60,204 $ (73,054 ) $ 65,966 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 687 $ 854 $ 5,760 $ (109 ) $ 7,192 Deferred revenue — 67 511 (14 ) 564 Debt due within one year 1,434 511 2 — 1,947 Total current liabilities 2,121 1,432 6,273 (123 ) 9,703 Long-term debt 19,318 3,065 9 — 22,392 Deferred income taxes 2,678 3,011 2,133 (5,144 ) 2,678 Deferred revenue — 26 460 — 486 Other noncurrent liabilities 1,976 1,886 3,815 (1,336 ) 6,341 Redeemable noncontrolling interest — — 29 — 29 Equity Due to (from) Time Warner Inc. and subsidiaries — (52,869 ) (366 ) 53,235 — Other shareholders’ equity 24,335 71,837 47,849 (119,686 ) 24,335 Total Time Warner Inc. shareholders’ equity 24,335 18,968 47,483 (66,451 ) 24,335 Noncontrolling interest — — 2 — 2 Total equity 24,335 18,968 47,485 (66,451 ) 24,337 Total liabilities and equity $ 50,428 $ 28,388 $ 60,204 $ (73,054 ) $ 65,966 Consolidating Statement of Operations For The Three Months Ended March 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 2,020 $ 5,936 $ (221 ) $ 7,735 Costs of revenues — (923 ) (3,601 ) 191 (4,333 ) Selling, general and administrative (105 ) (311 ) (886 ) 27 (1,275 ) Amortization of intangible assets — — (45 ) — (45 ) Restructuring and severance costs — (2 ) (10 ) — (12 ) Asset impairments — — (1 ) — (1 ) Gain on operating assets, net — — 7 — 7 Operating income (105 ) 784 1,400 (3 ) 2,076 Equity in pretax income (loss) of consolidated subsidiaries 2,203 1,453 557 (4,213 ) — Interest expense, net (208 ) (68 ) 16 1 (259 ) Other income (loss), net 3 — 72 1 76 Income from continuing operations before income taxes 1,893 2,169 2,045 (4,214 ) 1,893 Income tax provision (470 ) (613 ) (588 ) 1,201 (470 ) Net income 1,423 1,556 1,457 (3,013 ) 1,423 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 1,424 $ 1,557 $ 1,458 $ (3,015 ) $ 1,424 Comprehensive income $ 1,406 $ 1,562 $ 1,446 $ (3,008 ) $ 1,406 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,407 $ 1,563 $ 1,447 $ (3,010 ) $ 1,407 Consolidating Statement of Operations For The Three Months Ended March 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,983 $ 5,562 $ (237 ) $ 7,308 Costs of revenues — (953 ) (3,239 ) 187 (4,005 ) Selling, general and administrative (120 ) (312 ) (866 ) 47 (1,251 ) Amortization of intangible assets — — (48 ) — (48 ) Restructuring and severance costs — (4 ) (1 ) — (5 ) Asset impairments (2 ) — (1 ) — (3 ) Operating income (122 ) 714 1,407 (3 ) 1,996 Equity in pretax income (loss) of consolidated subsidiaries 2,028 1,426 471 (3,925 ) — Interest expense, net (247 ) (76 ) 37 2 (284 ) Other income (loss), net 13 (3 ) (49 ) (1 ) (40 ) Income from continuing operations before income taxes 1,672 2,061 1,866 (3,927 ) 1,672 Income tax provision (498 ) (618 ) (572 ) 1,190 (498 ) Income from continuing operations 1,174 1,443 1,294 (2,737 ) 1,174 Discontinued operations, net of tax 40 40 40 (80 ) 40 Net income attributable to Time Warner Inc. shareholders $ 1,214 $ 1,483 $ 1,334 $ (2,817 ) $ 1,214 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,170 $ 1,453 $ 1,287 $ (2,740 ) $ 1,170 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,423 $ 1,556 $ 1,457 $ (3,013 ) $ 1,423 Less Discontinued operations, net of tax — — — — — Net income from continuing operations 1,423 1,556 1,457 (3,013 ) 1,423 Adjustments for noncash and nonoperating items: Depreciation and amortization 3 27 135 — 165 Amortization of film and television costs — 735 1,480 (12 ) 2,203 Asset impairments — — 1 — 1 (Gain) loss on investments and other assets, net (22 ) 5 (149 ) — (166 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (2,203 ) (1,453 ) (557 ) 4,213 — Equity in losses of investee companies, net of cash distributions 6 — 87 — 93 Equity-based compensation 11 23 23 — 57 Deferred income taxes (44 ) (127 ) (95 ) 222 (44 ) Changes in operating assets and liabilities, net of acquisitions 342 (12 ) (1,181 ) (1,415 ) (2,266 ) Intercompany — 605 (605 ) — — Cash provided by operations from continuing operations (484 ) 1,359 596 (5 ) 1,466 Cash used by operations from discontinued operations — — (5 ) — (5 ) Cash provided by operations (484 ) 1,359 591 (5 ) 1,461 INVESTING ACTIVITIES Investments and acquisitions, net of cash acquired (21 ) (9 ) (138 ) — (168 ) Capital expenditures — (32 ) (66 ) — (98 ) Advances to (from) parent and consolidated subsidiaries 1,543 429 1 (1,973 ) — Other investment proceeds 20 — 220 — 240 Cash used by investing activities 1,542 388 17 (1,973 ) (26 ) FINANCING ACTIVITIES Debt repayments (1,144 ) — — — (1,144 ) Proceeds from exercise of stock options 56 — — — 56 Principal payments on capital leases — (3 ) — — (3 ) Dividends paid (316 ) — — — (316 ) Other financing activities 29 (16 ) (131 ) 1 (117 ) Change in due to/from parent and investment in segment — (1,721 ) (256 ) 1,977 — Cash used by financing activities (1,375 ) (1,740 ) (387 ) 1,978 (1,524 ) DECREASE IN CASH AND EQUIVALENTS (317 ) 7 221 — (89 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 617 91 831 — 1,539 CASH AND EQUIVALENTS AT END OF PERIOD $ 300 $ 98 $ 1,052 $ — $ 1,450 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,214 $ 1,483 $ 1,334 $ (2,817 ) $ 1,214 Less Discontinued operations, net of tax (40 ) (40 ) (40 ) 80 (40 ) Net income from continuing operations 1,174 1,443 1,294 (2,737 ) 1,174 Adjustments for noncash and nonoperating items: Depreciation and amortization 2 27 138 — 167 Amortization of film and television costs — 768 1,351 (7 ) 2,112 Asset impairments 2 — 1 — 3 (Gain) loss on investments and other assets, net (3 ) — 14 — 11 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (2,028 ) (1,426 ) (471 ) 3,925 — Equity in losses of investee companies, net of cash distributions (8 ) — 59 (1 ) 50 Equity-based compensation 42 30 36 — 108 Deferred income taxes 113 37 13 (50 ) 113 Changes in operating assets and liabilities, net of acquisitions 123 (330 ) (1,641 ) (1,133 ) (2,981 ) Intercompany — 616 (616 ) — — Cash provided by operations from continuing operations (583 ) 1,165 178 (3 ) 757 Cash used by operations from discontinued operations — — (4 ) — (4 ) Cash provided by operations (583 ) 1,165 174 (3 ) 753 INVESTING ACTIVITIES Investments in available-for-sale securities — — (5 ) — (5 ) Investments and acquisitions, net of cash acquired (9 ) (14 ) (70 ) — (93 ) Capital expenditures (7 ) (13 ) (55 ) — (75 ) Advances to (from) parent and consolidated subsidiaries 1,471 108 — (1,579 ) — Other investment proceeds 15 — 3 — 18 Cash used by investing activities 1,470 81 (127 ) (1,579 ) (155 ) FINANCING ACTIVITIES Borrowings — — 2 — 2 Debt repayments — (150 ) (2 ) — (152 ) Proceeds from exercise of stock options 56 — — — 56 Excess tax benefit from equity instruments 27 — — — 27 Principal payments on capital leases — (3 ) — — (3 ) Repurchases of common stock (711 ) — — — (711 ) Dividends paid (322 ) — — — (322 ) Other financing activities 58 (25 ) (145 ) 2 (110 ) Change in due to/from parent and investment in segment — (1,277 ) (303 ) 1,580 — Cash used by financing activities (892 ) (1,455 ) (448 ) 1,582 (1,213 ) DECREASE IN CASH AND EQUIVALENTS (5 ) (209 ) (401 ) — (615 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 976 288 891 — 2,155 CASH AND EQUIVALENTS AT END OF PERIOD $ 971 $ 79 $ 490 $ — $ 1,540

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Time Warner has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowances for doubtful accounts, depreciation and amortization, the determination of ultimate revenues as it relates to amortization or impairment of capitalized film and programming costs and participations and residuals, home video and videogame product returns, business combinations, pension and other postretirement benefits, equity-based compensation, income taxes, contingencies, litigation matters, reporting revenue for certain transactions on a gross versus net basis, and the determination of whether the Company should consolidate certain entities.
New Accounting Guidance	Accounting Guidance Adopted in 2017 Share-Based Payments On January 1, 2017, the Company adopted, on a prospective basis, new accounting guidance that changes the reporting for certain aspects of share-based payments. One aspect of the guidance requires that the income tax effects of share-based awards be recognized in the Income tax provision in the Consolidated Statement of Operations when the awards vest or are settled. Under the previous guidance, excess tax benefits and deficiencies were recognized in Additional paid-in capital in the Consolidated Balance Sheet. For the three months ended March 31, 2017 and 2016 , the amount of excess tax benefits, net of deficiencies, recognized in Income tax provision and Additional paid-in capital, respectively, was $63 million and $22 million , respectively. In addition, because excess tax benefits are no longer recognized in Additional paid-in capital under the new guidance, such amounts are no longer included in the determination of assumed proceeds in applying the treasury stock method when computing earnings per share. Another aspect of the new guidance requires that excess tax benefits be classified as a cash flow from operating activities, rather than a cash flow from financing activities, in the Consolidated Statement of Cash Flows. For the three months ended March 31, 2017 and 2016 , the amount of excess tax benefits presented as a cash flow from operating activities and financing activities, respectively, was $63 million and $27 million , respectively. The other aspects of the new guidance did not have a material effect on the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Net Periodic Benefit Costs In March 2017, guidance was issued that requires that an employer disaggregate the service cost component from the other components of net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans. While the service cost component of net periodic benefit costs will continue to be presented as an operating expense, the other components are now required to be recorded outside of operating income in the Consolidated Statement of Operations. For the year ended December 31, 2016 , net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans were $46 million , $4 million of which related to the service cost component. The guidance will become effective on a retrospective basis for the Company on January 1, 2018. Simplifying the Accounting for Goodwill Impairment In January 2017, guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 and is not expected to have a material impact on the Company’s consolidated financial statements. Definition of a Business In January 2017, guidance was issued that changes the definition of a business for accounting purposes. Under the new guidance, an entity first determines whether substantially all of the fair value of a set of assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of assets is not deemed to be a business. If the threshold is not met, the entity then evaluates whether the set of assets meets the requirement to be deemed a business, which at a minimum, requires there to be an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance will become effective on a prospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Restricted Cash In November 2016, guidance was issued that requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The guidance will become effective on a retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory In October 2016, guidance was issued that requires entities to recognize the income tax consequences of an intercompany transfer of an asset other than inventory when the transfer occurs, rather than deferring the income tax consequences of the intercompany transfer of assets until the asset has been sold to a third party. The guidance will become effective on a modified retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments In August 2016, guidance was issued that clarifies the presentation of certain cash receipts and payments in a company’s statement of cash flows. The guidance primarily relates to the classification of cash flows associated with certain (i) debt transactions, (ii) contingent consideration arrangements related to business combinations, (iii) insurance claims and policies, (iv) distributions received from equity method investees and (v) securitization transactions. The guidance will become effective on a retrospective basis for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s consolidated financial statements. Accounting for Leases In February 2016, guidance was issued regarding accounting for leases. The main difference between the current guidance and the new guidance is the recognition by the lessee of lease assets and liabilities for those leases it classified as operating leases under the current guidance. Under the new guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease as well as the lessor accounting model have not significantly changed from current guidance. This guidance also requires qualitative and quantitative disclosures of key information about leasing arrangements. The new guidance will become effective on a modified retrospective basis for the Company on January 1, 2019. The Company is still evaluating the impact of the new guidance on its consolidated financial statements. Because the Company is a party to more than 2,000 operating leases with future minimum rental commitments at December 31, 2016 of $1.154 billion , it expects that the impact of recognizing lease assets and liabilities for these operating leases will be significant to the Company’s Consolidated Balance Sheet. Recognition and Measurement of Financial Assets and Liabilities In January 2016, guidance was issued that makes limited changes to the accounting for financial instruments. The changes primarily relate to (i) the requirement to measure equity investments in unconsolidated subsidiaries, other than those accounted for under the equity method of accounting, at fair value, with changes in the fair value recognized in earnings, (ii) an alternative approach for the measurement of equity investments that do not have a readily determinable fair value, (iii) the elimination of the other-than-temporary impairment model and its replacement with a requirement to perform a qualitative assessment to identify the impairment of equity investments, and a requirement to recognize impairment losses in earnings based on the difference between the fair value and the carrying value of the equity investment, (iv) the elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, (v) the addition of a requirement to use the exit price concept when measuring the fair value of financial instruments for disclosure purposes and (vi) the addition of a requirement to present financial assets and financial liabilities separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market) and by form of financial asset (e.g., loans, securities). This guidance will become effective for the Company on January 1, 2018. The Company does not expect the new guidance to have a material impact on its consolidated financial statements. Revenue Recognition In May 2014, guidance was issued that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the new guidance is that an entity should recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this guidance requires new or expanded disclosures related to the judgments made by companies when following this framework. Based on the current guidance, the new framework will become effective on either a full or modified retrospective basis for the Company on January 1, 2018. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued by the FASB on this topic, the most recent of which was issued in December 2016. Many of these clarifications and updates to the guidance, as well as a number of interpretive issues, apply to companies in the media and entertainment industry. The Company has made significant progress toward completing its assessment of the impact of adopting this new guidance, and the Company is finalizing its implementation plan. The Company currently does not believe that the adoption of the new guidance will have a material impact on the Company’s financial statements, principally because the Company does not expect significant changes in the way it will record subscription revenue, advertising revenue, and a significant portion of its content revenue. However, it is possible that the Company’s evaluation of the expected impact of the new guidance on certain transactions could change if there are additional interpretations of the new revenue guidance that are different from the Company’s preliminary conclusions. Although the Company currently does not expect the impact of adopting the new guidance to be material, there are several areas where the Company’s revenue recognition is expected to change as compared with historical GAAP. The more significant of these areas are as follows: i. Renewals of Licenses of Intellectual Property - Under guidance currently in effect, when the term of an existing license agreement is extended, without any other changes to the provisions of the license, revenue for the renewal period is recognized on the date the renewal is agreed to contractually. Under the new guidance, revenue for the renewed license term will not be recognized until the date the renewal term begins. This change will result in delayed revenue recognition as compared with current revenue recognition guidance. The Company expects that this change will primarily impact the Warner Bros. segment, but it will also, to a lesser degree, impact the Home Box Office and Turner segments. ii. License of Content Library - Under guidance currently in effect, when a company licenses a completed library of content and agrees to refresh the library with new content as it becomes available, and the licensee is not entitled to a refund if no further library titles are delivered, revenue is recognized once access to the library is granted to the licensee. Under the new guidance, because there is an implicit obligation for the company to refresh the library with additional content in the future, the company will need to estimate the additional content it will deliver in the future and allocate a portion of the transaction price to that content. As compared with current guidance, this results in a deferral of a portion of the transaction price until delivery of future library content. The Company expects this change will primarily impact the Home Box Office segment. iii. Licenses of Symbolic Intellectual Property - Certain intellectual property, such as brands, tradenames and logos, is categorized in the new guidance as symbolic. An assumption inherent in the new guidance is that a licensee’s ability to derive benefit from a license of symbolic intellectual property depends on the licensor continuing to support or maintain the intellectual property throughout the license term. Accordingly, under the new guidance, revenue from licenses of symbolic intellectual property is recognized over the corresponding license term. In certain arrangements where the Company has no remaining performance obligations, under the guidance currently in effect, revenue from licenses of symbolic intellectual property is recognized at the inception of the license term. Therefore, the new guidance will result in a deferral of revenue recognition as compared to current guidance. This change will primarily impact the Warner Bros. segment. The evaluation of the impact of the new guidance on certain other transactions is still in process; however, the Company does not expect the completion of that evaluation to impact the Company’s conclusion that the adoption will not have a material impact on the Company’s financial statements. The Company currently expects to adopt the standard in 2018 using the modified retrospective method of adoption. However, the transition method ultimately selected could be affected by the Company’s pending merger with AT&T Inc. (“AT&T”) if the merger closes prior to the adoption of the new guidance. For more information regarding the AT&T merger, see Note 2.
Long-Lived Assets	The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value.
Cost of Sales	In determining the fair value of its theatrical films, the Company employs a DCF methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the respective business (e.g., Warner Bros.) plus a risk premium representing the risk associated with producing a particular theatrical film. The fair value of any theatrical films and television programs that management plans to abandon is zero . Because the primary determination of fair value is made using a DCF model, the resulting fair value is considered a Level 3 measurement.
Derivatives, Offsetting Fair Value Amounts	For such foreign exchange contracts, the Company offsets the fair values of the amounts owed to or due from the same counterparty and classifies the net amount as a net asset or net liability within Prepaid expenses and other current assets or Accounts payable and accrued liabilities, respectively, in the Consolidated Balance Sheet.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs	The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively (millions): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 170 $ — $ — $ 170 $ 163 $ — $ — $ 163 Available-for-sale securities: Equity securities 16 — — 16 17 — — 17 Debt securities — 36 — 36 — 37 — 37 Derivatives: Foreign exchange contracts — 136 — 136 — 153 — 153 Other — — 214 214 — — 161 161 Liabilities: Derivatives: Foreign exchange contracts — (13 ) — (13 ) — (9 ) — (9 ) Other — — (1 ) (1 ) — — — — Total $ 186 $ 159 $ 213 $ 558 $ 180 $ 181 $ 161 $ 522 _________________________ (a) Consists of investments related to deferred compensation.
Level 3 Asset and Liability Reconciliation	The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the three months ended March 31, 2017 and 2016 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2017 and 2016 (millions): March 31, 2017 March 31, 2016 Balance as of the beginning of the period $ 161 $ 173 Total gains (losses), net: Included in operating income — — Included in other income (loss), net 54 (19 ) Included in other comprehensive loss — — Purchases — — Settlements (1 ) 5 Issuances (1 ) — Balance as of the end of the period $ 213 $ 159 Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period $ 54 $ (19 )
Carrying Value Fair Value, by investment	Information as of March 31, 2017 about the Company’s investments in CME that are not required to be carried at fair value on a recurring basis is as follows (millions): Carrying Value Fair Value Fair Value Hierarchy Class A common stock (a) $ — $ 225 Level 1 Series B convertible redeemable preferred shares $ — $ 329 Level 2 _________________________ (a) Includes 1 share of Series A convertible preferred stock.
Fair Value Measurements, Nonrecurring	The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2017 $ 51 $ 30 2016 $ 28 $ 2

Inventories and Theatrical Fi28

Inventories and Theatrical Film and Television Production Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 3,520 $ 3,625 Other inventory, primarily DVDs and Blu-ray Discs 182 184 Total inventories 3,702 3,809 Less: current portion of inventory (1,983 ) (2,062 ) Total noncurrent inventories 1,719 1,747 Theatrical film production costs: (b) Released, less amortization 724 818 Completed and not released 635 460 In production 1,086 1,286 Development and pre-production 126 133 Television production costs: (b) Released, less amortization 1,976 1,618 Completed and not released 645 841 In production 999 995 Development and pre-production 13 18 Total theatrical film and television production costs 6,204 6,169 Total noncurrent inventories and theatrical film and television production costs $ 7,923 $ 7,916 _________________________ (a) Includes the costs of certain programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $485 million and $518 million of acquired film library intangible assets as of March 31, 2017 and December 31, 2016 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments and He29

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Hedging Activities Net Gains and Losses Recognized	Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended March 31, 2017 2016 Gains (losses) recognized in: Cost of revenues $ (1 ) $ 9 Selling, general and administrative (3 ) 3 Other income (loss), net 1 22
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at March 31, 2017 and December 31, 2016 (millions): March 31, December 31, Prepaid expenses and other current assets $ 136 $ 153 Accounts payable and accrued liabilities (13 ) (9 ) ________________________ (a) Includes $294 million ( $270 million of qualifying hedges and $24 million of economic hedges) and $171 million ( $164 million of qualifying hedges and $7 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $297 million ( $272 million of qualifying hedges and $25 million of economic hedges) and $153 million ( $141 million of qualifying hedges and $12 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (10 ) $ (1 ) $ (11 ) $ (50 ) $ 11 $ (39 ) Unrealized gains on securities — — — 2 (1 ) 1 Unrealized gains on benefit obligations 3 (1 ) 2 7 (2 ) 5 Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 9 (3 ) 6 Unrealized gains (losses) on derivative financial instruments (23 ) 8 (15 ) 1 (1 ) — Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (b) 3 (1 ) 2 (27 ) 10 (17 ) Other comprehensive loss $ (19 ) $ 2 $ (17 ) $ (58 ) $ 14 $ (44 ) _________________________ (a) Pretax (gains) losses are included in Selling, general and administrative expenses. (b) Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2017 2016 Selling, general and administrative expenses $ 3 $ (3 ) Costs of revenues — (9 ) Other income (loss), net — (15 )
Reclassification out of Accumulated Other Comprehensive Income	Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2017 2016 Selling, general and administrative expenses $ 3 $ (3 ) Costs of revenues — (9 ) Other income (loss), net — (15 )

Income Per Common Share (Tables

Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Income Per Common Share	Set forth below is a reconciliation of Basic and Diluted income per common share from continuing operations attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended March 31, 2017 2016 Income from continuing operations attributable to Time Warner Inc. shareholders $ 1,424 $ 1,174 Income allocated to participating securities (4 ) (3 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 1,420 $ 1,171 Average basic common shares outstanding 773.6 790.7 Dilutive effect of equity awards 15.7 11.6 Average diluted common shares outstanding 789.3 802.3 Antidilutive common share equivalents excluded from computation — 7 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.84 $ 1.48 Diluted $ 1.80 $ 1.46

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Number of Awards Granted	The following table sets forth the number of stock options, RSUs and PSUs granted (millions): Three Months Ended March 31, 2017 2016 Stock options — 2.2 RSUs 0.4 2.7 PSUs — 0.2
Share-based Compensation Arrangement by Share-based Payment Award, RSUs and Target PSUs, Grants in Period, Weighted Average Grant Date Fair Value	The following table sets forth the weighted-average grant date fair value of restricted stock units (“RSUs”) granted during the three months ended March 31, 2017 and 2016 and PSUs granted during the three months ended March 31, 2016 . For PSUs, the service inception date precedes the grant date and requires the Company to apply mark-to-market accounting that is reflected in the grant date fair values presented: Three Months Ended March 31, 2017 2016 RSUs $ 96.28 $ 62.38 PSUs — 112.56
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The impact of equity-based compensation awards on Operating income is as follows (millions): Three Months Ended March 31, 2017 2016 Stock options $ 7 $ 21 RSUs and PSUs 50 87 Total impact on operating income $ 57 $ 108 Tax benefit recognized $ 19 $ 38

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three months ended March 31, 2017 and 2016 is as follows (millions): Three Months Ended March 31, 2017 2016 Service cost $ 1 $ 1 Interest cost 16 22 Expected return on plan assets (15 ) (21 ) Amortization of net loss 3 4 Net periodic benefit costs (a) $ 5 $ 6 Contributions $ 10 $ 9 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $4 million for the three months ended March 31, 2017 and March 31, 2016 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other income (loss), net in the Consolidated Statement of Operations

Restructuring and Severance C34

Restructuring and Severance Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three months ended March 31, 2017 and 2016 are as follows (millions): Three Months Ended March 31, 2017 2016 Turner $ 2 $ 1 Home Box Office 2 4 Warner Bros. 9 1 Corporate (1 ) (1 ) Total restructuring and severance costs $ 12 $ 5 Three Months Ended March 31, 2017 2016 2017 initiatives $ 16 $ — 2016 and prior initiatives (4 ) 5 Total restructuring and severance costs $ 12 $ 5
Selected Information	Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2016 $ 162 $ 9 $ 171 Net accruals 12 — 12 Noncash reductions (a) (2 ) — (2 ) Cash paid (34 ) (1 ) (35 ) Remaining liability as of March 31, 2017 $ 138 $ 8 $ 146 _________________________ (a) Noncash reductions relate to the settlement of certain liabilities relating to employee compensation with equity instruments.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information as to the Revenues, intersegment revenues, Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended March 31, 2017 2016 Revenues Turner $ 3,088 $ 2,906 Home Box Office 1,568 1,506 Warner Bros. 3,365 3,109 Intersegment eliminations (286 ) (213 ) Total revenues $ 7,735 $ 7,308 Three Months Ended March 31, 2017 2016 Intersegment Revenues Turner $ 21 $ 20 Home Box Office 2 3 Warner Bros. 263 190 Total intersegment revenues $ 286 $ 213 Three Months Ended March 31, 2017 2016 Operating Income (Loss) Turner $ 1,170 $ 1,239 Home Box Office 583 477 Warner Bros. 488 424 Corporate (114 ) (140 ) Intersegment eliminations (51 ) (4 ) Total operating income $ 2,076 $ 1,996 March 31, 2017 December 31, Assets Turner $ 26,703 $ 26,317 Home Box Office 14,692 14,636 Warner Bros. 20,968 21,550 Corporate 3,286 3,463 Total assets $ 65,649 $ 65,966

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts included in the Consolidated Statement of Operations resulting from transactions with related parties consist of (millions): Three Months Ended March 31, 2017 2016 Revenues $ 234 $ 123 Expenses (1 ) — Interest income 23 41 Other income 2 5

Additional Financial Informat37

Additional Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Additional Financial Information [Abstract]
Cash Flows	Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2017 2016 Cash Flows Cash payments made for interest $ (313 ) $ (291 ) Interest income received 10 13 Cash interest payments, net $ (303 ) $ (278 ) Cash payments made for income taxes $ (122 ) $ (134 ) Income tax refunds received 4 4 Cash tax payments, net $ (118 ) $ (130 )
Interest Expense, Net	Three Months Ended March 31, 2017 2016 Interest Expense, Net Interest income $ 49 $ 63 Interest expense (308 ) (347 ) Total interest expense, net $ (259 ) $ (284 )
Other Income (Loss), Net	Three Months Ended March 31, 2017 2016 Other Income (Loss), Net Investment gains (losses), net $ 159 $ (11 ) Loss on equity method investees (76 ) (34 ) Other (7 ) 5 Total other income (loss), net $ 76 $ (40 )
Accounts Payable and Accrued Liabilities	March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 521 $ 527 Other accrued expenses 1,605 1,878 Participations payable 2,583 2,525 Programming costs payable 850 776 Accrued compensation 651 1,004 Accrued interest 295 320 Accrued income taxes 261 162 Total accounts payable and accrued liabilities $ 6,766 $ 7,192
Other Noncurrent Liabilities	March 31, 2017 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,628 $ 1,567 Participations payable 1,939 1,780 Programming costs payable 786 827 Noncurrent pension and post-retirement liabilities 940 954 Deferred compensation 509 491 Other noncurrent liabilities 713 722 Total other noncurrent liabilities $ 6,515 $ 6,341

Description of Business and B38

Description of Business and Basis of Presentation 1 (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of reportable segments | segment	3
Adjustment to additional paid in capital, Income tax effect from share-based compensation, net		$ 22
Excess tax benefit from share based compensation	$ 63
Excess tax benefit from equity instruments, financing activities	$ 0	$ 27
Operating leases, future minimum payments due			$ 1,154
Defined Benefit Pension Plans and Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit costs			46
Service cost			$ 4

Description of Business and B39

Description of Business and Basis of Presentation 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense (benefit)	$ 470	$ 498
Adoption of ASU 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense (benefit)	$ (63)

Merger Agreement with AT&T (Det

Merger Agreement with AT&T (Details) $ / shares in Units, $ in Millions	Oct. 22, 2016USD ($)$ / shares
Merger [Abstract]
Per share amount to be received in cash from AT&T	$ 53.75
Average stock price of AT&T, lower threshold	37.411
Average stock price of AT&T, upper threshold	$ 41.349
Exchange ratio if stock price is less than $37.411	1.437
Exchange ratio if stock price is greater than $41.349	1.300
Termination Fee | $	$ 1,725

Business Dispositions and Acq41

Business Dispositions and Acquisitions - Dispositions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)	$ 0	$ 40
Diluted income (loss) from discontinued operations per common share (in dollars per share)	$ 0	$ 0.05
Warner Music Group
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)		$ 40
Diluted income (loss) from discontinued operations per common share (in dollars per share)		$ 0.05

Investments 1 (Details)

Investments 1 (Details) - CME Equity Method Investment € in Millions	Mar. 02, 2017EUR (€)	Mar. 31, 2017USD ($)shares	Mar. 31, 2017EUR (€)shares
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		47.00%	47.00%
Class A common stock, number of shares (shares) | shares		61,400,000	61,400,000
Series A convertible preferred stock, number of shares (shares) | shares		1	1
Convertible preferred stock, shares issued upon conversion (shares) | shares		11,200,000	11,200,000
Equity-method investments | $		$ 0
CME senior unsecured term loan			€ 955
Equity method losses presented in other noncurrent liabilities | $		143,000,000
CME, guarantor obligations, current carrying value | $		$ 183,000,000
CME senior unsecured term loan, amended fee payable in cash	5.00%
CME senior unsecured term loan, amended debt level threshold	€ 815
CME senior unsecured term loan, debt level rate decrease	0.50%
CME senior unsecured term loan, change in control rate increase, based on fee payable	3.50%
CME senior unsecured term loan, change in control flat rate increase	10.00%
CME senior unsecured term loan, change in control rate increase, time period	180 days
Minimum
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	5.00%
Maximum
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	8.50%
2014 Loan
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	€ 251
2015 Loan
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	235
2016 Loan
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	€ 469

Investments 2 (Details)

Investments 2 (Details) - Series B convertible redeemable preferred shares shares in Millions	Mar. 31, 2017shares
Schedule of Cost-method Investments [Line Items]
Series B convertible redeemable preferred shares, ownership percentage	100.00%
Series B convertible redeemable preferred shares, conversion into Class A common stock (shares)	106.2
Annual rate at which convertible redeemable preferred stock accretes in value	3.75%

Investments 3 (Details)

Investments 3 (Details) - CME Rights Offering $ / shares in Units, warrant in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)warrant$ / sharesshares
Class of Warrant or Right [Line Items]
Economic interest (percent)	76.00%
Class of warrant or right, number of securities called by each warrant or right (shares) | shares	1
Class of warrant or right, term (years)	4 years
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 1
Warrant
Class of Warrant or Right [Line Items]
Warrants Held | warrant	101
Equity warrants | $	$ 213

Investments 4 (Details)

Investments 4 (Details)	Mar. 31, 2017USD ($)
Time Warner Inc. Revolving Credit Facility with CME
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, carrying value	$ 0
Series A convertible preferred stock, number of shares owned	1
Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, carrying value	$ 0
Warrant | CME Rights Offering
Derivatives:
Equity warrants	213,000,000
Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	170,000,000		$ 163,000,000
Available-for-sale securities:
Equity securities	16,000,000		17,000,000
Debt securities	36,000,000		37,000,000
Derivatives:
Foreign exchange contracts	136,000,000		153,000,000
Other	214,000,000		161,000,000
Derivatives:
Foreign exchange contracts	(13,000,000)		(9,000,000)
Other	(1,000,000)		0
Total	558,000,000		522,000,000
Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of the beginning of the period	161,000,000	$ 173,000,000
Total gains (losses), net:
Included in other comprehensive loss	0	0
Purchases	0	0
Settlements	(1,000,000)	5,000,000
Issuances	(1,000,000)	0
Balance as of the end of the period	213,000,000	159,000,000
Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period	54,000,000	(19,000,000)
Operating Income (Loss) | Derivatives
Total gains (losses), net:
Included in earnings	0	0
Other Nonoperating Income (Expense) | Derivatives
Total gains (losses), net:
Included in earnings	54,000,000	(19,000,000)
Level 1 | Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value	225,000,000
Level 1 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	170,000,000		163,000,000
Available-for-sale securities:
Equity securities	16,000,000		17,000,000
Debt securities	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	0		0
Total	186,000,000		180,000,000
Level 2
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt	2,072,000,000		2,238,000,000
Level 2 | Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, fair value	329,000,000
Level 2 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	0		0
Available-for-sale securities:
Equity securities	0		0
Debt securities	36,000,000		37,000,000
Derivatives:
Foreign exchange contracts	136,000,000		153,000,000
Other	0		0
Derivatives:
Foreign exchange contracts	(13,000,000)		(9,000,000)
Other	0		0
Total	159,000,000		181,000,000
Level 3 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	0		0
Available-for-sale securities:
Equity securities	0		0
Debt securities	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	214,000,000		161,000,000
Derivatives:
Foreign exchange contracts	0		0
Other	(1,000,000)		0
Total	213,000,000		161,000,000
Level 3 | Fair Value, Measurements, Recurring | Warrant | CME Rights Offering
Derivatives:
Equity warrants	$ 213,000,000		$ 159,000,000
Fair value assumptions, expected term	8 months 9 days
Fair value assumptions, expected volatility rate (percent)	46.00%
Level 3 | Fair Value, Measurements, Nonrecurring
Non Financial Instruments Numeric [Abstract]
Fair value of film costs to be abandoned	$ 0
Film production costs carrying value in inventory prior to write down	51,000,000	28,000,000
Film production costs carrying value in inventory subsequent to write down	$ 30,000,000	$ 2,000,000

Inventories and Theatrical Fi47

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventories:
Programming costs, less amortization	$ 3,520	$ 3,625
Other inventory, primarily DVDs and Blu-ray Discs	182	184
Total inventories	3,702	3,809
Less: current portion of inventory	(1,983)	(2,062)
Total noncurrent inventories	1,719	1,747
Theatrical film production costs:
Released, less amortization	724	818
Completed and not released	635	460
In production	1,086	1,286
Development and pre-production	126	133
Television production costs:
Released, less amortization	1,976	1,618
Completed and not released	645	841
In production	999	995
Development and pre-production	13	18
Total theatrical film and television production costs	6,204	6,169
Total noncurrent inventories and theatrical film and television production costs	7,923	7,916
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	738	783
Film Libraries
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	$ 485	$ 518

Derivative Instruments and He48

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)
Gains (losses) recognized in:
Gains (losses) recognized in Costs of revenues	$ (1)	$ 9
Gains (losses) recognized in Selling, general and administrative	(3)	3
Gains (losses) recognized in Other income (loss), net	1	22
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	26			$ 46
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	(1)			(3)
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivatives used in net investment hedge, increase (decrease), gross of tax	(13)	$ (7)
Net Investment Hedging | Debt Designated as a Hedge of Euro-denominated Net Investments
Derivatives, Fair Value [Line Items]
Debt instrument, face amount | €			€ 700,000,000
Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	294			297
Derivative liability, fair value, gross	$ 171			153
Foreign Currency Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	3 months
Foreign Currency Derivatives | Maximum
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	18 months
Foreign Currency Derivatives | Qualifying Hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	$ 270			272
Derivative liability, fair value, gross	164			141
Foreign Currency Derivatives | Economic Hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	24			25
Derivative liability, fair value, gross	7			12
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	136			153
Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Accounts payable and accrued liabilities	$ (13)			$ (9)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	$ (10)	$ (50)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	(1)	11
Unrealized gains (losses) on foreign currency translation, Net of tax	(11)	(39)
Unrealized gains (losses) on securities, Pretax	0	2
Unrealized gains (losses) on securities, Tax (provision) benefit	0	(1)
Unrealized gains (losses) on securities, Net of tax	0	1
Unrealized gains (losses) on benefit obligations, Pretax	3	7
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	(1)	(2)
Unrealized gains (losses) on benefit obligations, Net of tax	2	5
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	8	9
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(3)	(3)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	5	6
Unrealized gains (losses) on derivative financial instruments, Pretax	(23)	1
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	8	(1)
Unrealized gains (losses) on derivative financial instruments, Net of tax	(15)	0
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	3	(27)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	(1)	10
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	2	(17)
Other comprehensive income (loss), Pretax	(19)	(58)
Other comprehensive income (loss), Tax (provision) benefit	2	14
Other comprehensive loss	(17)	(44)
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	1,275	1,251
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	4,333	4,005
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	(76)	40
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	8	9
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	3	(3)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	0	(9)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	$ 0	$ (15)

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Income from continuing operations attributable to Time Warner Inc. shareholders	$ 1,424	$ 1,174
Income allocated to participating securities	(4)	(3)
Income from continuing operations attributable to Time Warner Inc. common shareholders— basic	$ 1,420	$ 1,171
Average basic common shares outstanding (in shares)	773.6	790.7
Dilutive effect of equity awards (in shares)	15.7	11.6
Average diluted common shares outstanding (in shares)	789.3	802.3
Antidilutive common share equivalents excluded from computation (in shares)	0	7
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - basic (in dollars per share)	$ 1.84	$ 1.48
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - diluted (in dollars per share)	$ 1.80	$ 1.46

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 57	$ 108
Tax benefit recognized	$ 19	$ 38
Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	0.4	2.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value of units granted (in dollars per share)	$ 96.28	$ 62.38
Restricted Stock Unit | Special Retention Plan First Half | First Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan First Half | Second Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan First Half | Third Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan First Half | Fourth Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan Second Half | First Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan Second Half | Second Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan Second Half | Third Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Restricted Stock Unit | Special Retention Plan Second Half | Fourth Year Anniversary
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	25.00%
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	0	0.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value of units granted (in dollars per share)	$ 0	$ 112.56
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of stock options granted (in shares)	0	2.2
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 7	$ 21
Unrecognized compensation cost	$ 46
Unrecognized compensation cost, weighted-average period for recognition	1 year
Restricted stock units and performance stock units
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 50	$ 87
Unrecognized compensation cost	$ 619
Restricted stock units and performance stock units | Minimum
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition	1 year
Restricted stock units and performance stock units | Maximum
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition	2 years

Benefit Plans (Details)

Benefit Plans (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 1	$ 1
Interest cost	16	22
Expected return on plan assets	(15)	(21)
Amortization of net loss	3	4
Net periodic benefit costs	5	6
Contributions	10	9
Net periodic benefit costs, related to discontinued operations included in Other income (loss), net	$ 3	$ 4

Restructuring and Severance C53

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 12	$ 5
2017 initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	16	0
2016 and prior initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(4)	5
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(1)	(1)
Turner | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	2	1
Home Box Office | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	2	4
Warner Bros. | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 9	$ 1

Restructuring and Severance C54

Restructuring and Severance Costs (Accrued Restructuring and Severance Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	$ 171
Net accruals	12	$ 5
Noncash reductions	(2)
Cash paid	(35)
Remaining liability, ending balance	146
Restructuring Reserve [Abstract]
Restructuring reserve, current	95
Restructuring reserve, long-term	51
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	162
Net accruals	12
Noncash reductions	(2)
Cash paid	(34)
Remaining liability, ending balance	138
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	9
Net accruals	0
Noncash reductions	0
Cash paid	(1)
Remaining liability, ending balance	$ 8

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Total revenues	$ 7,735	$ 7,308
Total operating income (loss)	2,076	1,996
Total assets	65,649		$ 65,966
Corporate
Segment Reporting Information [Line Items]
Total operating income (loss)	(114)	(140)
Total assets	3,286		3,463
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(286)	(213)
Total operating income (loss)	(51)	(4)
Turner | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,088	2,906
Total operating income (loss)	1,170	1,239
Total assets	26,703		26,317
Turner | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(21)	(20)
Home Box Office | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,568	1,506
Total operating income (loss)	583	477
Total assets	14,692		14,636
Home Box Office | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(2)	(3)
Warner Bros. | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,365	3,109
Total operating income (loss)	488	424
Total assets	20,968		$ 21,550
Warner Bros. | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (263)	$ (190)

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Six Flags	3 Months Ended
	Mar. 31, 2017USD ($)
Other Commitments [Line Items]
Six Flags, net present value	$ 456,000,000
Six Flags, guarantee payments made	0
Six Flags, guarantor obligations, current carrying value	0
Financial Guarantee
Other Commitments [Line Items]
Aggregate undiscounted contingent commitment	$ 928,000,000

Commitments and Contingencies57

Commitments and Contingencies - Contingencies (Details)	Mar. 31, 2017USD ($)
Minimum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 0
Maximum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 100,000,000

Commitments and Contingencies58

Commitments and Contingencies - Tax Uncertainties (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits, period increase (decrease)	$ 16,000,000
Unrecognized tax benefits, increases resulting from current period tax positions that increase the ETR	7,000,000
Unrecognized tax benefits, interest on income taxes expense	10,000,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	0
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 270,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Receivables due from related parties	$ 344		$ 265
Revenues	234	$ 123
Expenses	(1)	0
Interest income	23	41
Other income	$ 2	$ 5

Additional Financial Informat60

Additional Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Cash Flows [Abstract]
Cash payments made for interest	$ (313,000,000)	$ (291,000,000)
Interest income received	10,000,000	13,000,000
Cash interest payments, net	(303,000,000)	(278,000,000)
Cash payments made for income taxes	(122,000,000)	(134,000,000)
Income tax refunds received	4,000,000	4,000,000
Cash tax payments, net	(118,000,000)	(130,000,000)
Interest Expense, Net [Abstract]
Interest income	49,000,000	63,000,000
Interest expense	(308,000,000)	(347,000,000)
Total interest expense, net	(259,000,000)	(284,000,000)
Other Income (Loss), Net [Abstract]
Investment gains (losses), net	159,000,000	(11,000,000)
Loss on equity method investees	(76,000,000)	(34,000,000)
Other	(7,000,000)	5,000,000
Total other income (loss), net	76,000,000	(40,000,000)
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	521,000,000		$ 527,000,000
Other accrued expenses	1,605,000,000		1,878,000,000
Participations payable	2,583,000,000		2,525,000,000
Programming costs payable	850,000,000		776,000,000
Accrued compensation	651,000,000		1,004,000,000
Accrued interest	295,000,000		320,000,000
Accrued income taxes	261,000,000		162,000,000
Total accounts payable and accrued liabilities	6,766,000,000		7,192,000,000
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,628,000,000		1,567,000,000
Participations payable	1,939,000,000		1,780,000,000
Programming costs payable	786,000,000		827,000,000
Noncurrent pension and post-retirement liabilities	940,000,000		954,000,000
Deferred compensation	509,000,000		491,000,000
Other noncurrent liabilities	713,000,000		722,000,000
Total other noncurrent liabilities	6,515,000,000		$ 6,341,000,000
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	93,000,000	$ 73,000,000
Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	45,000,000
Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	$ 30,000,000

Supplementary Information - C61

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and equivalents	$ 1,450	$ 1,539	$ 1,540	$ 2,155
Receivables, net	8,540	8,699
Inventories	1,983	2,062
Prepaid expenses and other current assets	935	1,185
Total current assets	12,908	13,485
Noncurrent inventories and theatrical film and television production costs	7,923	7,916
Investments in amounts due to and from consolidated subsidiaries	0	0
Investments, including available-for-sale securities	3,412	3,337
Property, plant and equipment, net	2,462	2,510
Intangible assets subject to amortization, net	738	783
Intangible assets not subject to amortization	7,005	7,005
Goodwill	27,738	27,752
Other assets	3,463	3,178
Total assets	65,649	65,966
Current liabilities
Accounts payable and accrued liabilities	6,766	7,192
Deferred revenue	588	564
Debt due within one year	808	1,947
Total current liabilities	8,162	9,703
Long-term debt	22,402	22,392
Deferred income taxes	2,620	2,678
Deferred revenue	493	486
Other noncurrent liabilities	6,515	6,341
Redeemable noncontrolling interest	30	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	25,425	24,335
Total Time Warner Inc. shareholders’ equity	25,425	24,335
Noncontrolling interest	2	2
Total equity	25,427	24,337	23,844	23,619
Total liabilities and equity	65,649	65,966
Consolidation, Eliminations
Current assets
Cash and equivalents	0	0	0	0
Receivables, net	(36)	(42)
Inventories	(32)	(30)
Prepaid expenses and other current assets	0	0
Total current assets	(68)	(72)
Noncurrent inventories and theatrical film and television production costs	(31)	(41)
Investments in amounts due to and from consolidated subsidiaries	(72,777)	(72,686)
Investments, including available-for-sale securities	(5)	(6)
Property, plant and equipment, net	0	0
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	(229)	(249)
Total assets	(73,110)	(73,054)
Current liabilities
Accounts payable and accrued liabilities	(92)	(109)
Deferred revenue	(7)	(14)
Debt due within one year	0	0
Total current liabilities	(99)	(123)
Long-term debt	0	0
Deferred income taxes	(4,895)	(5,144)
Deferred revenue	0	0
Other noncurrent liabilities	(1,360)	(1,336)
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	55,877	53,235
Other shareholders’ equity	(122,633)	(119,686)
Total Time Warner Inc. shareholders’ equity	(66,756)	(66,451)
Noncontrolling interest	0	0
Total equity	(66,756)	(66,451)
Total liabilities and equity	(73,110)	(73,054)
Parent Company
Current assets
Cash and equivalents	300	617	971	976
Receivables, net	116	118
Inventories	0	0
Prepaid expenses and other current assets	409	639
Total current assets	825	1,374
Noncurrent inventories and theatrical film and television production costs	0	0
Investments in amounts due to and from consolidated subsidiaries	48,770	48,212
Investments, including available-for-sale securities	297	274
Property, plant and equipment, net	52	48
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	533	520
Total assets	50,477	50,428
Current liabilities
Accounts payable and accrued liabilities	754	687
Deferred revenue	0	0
Debt due within one year	295	1,434
Total current liabilities	1,049	2,121
Long-term debt	19,331	19,318
Deferred income taxes	2,620	2,678
Deferred revenue	0	0
Other noncurrent liabilities	2,052	1,976
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	25,425	24,335
Total Time Warner Inc. shareholders’ equity	25,425	24,335
Noncontrolling interest	0	0
Total equity	25,425	24,335
Total liabilities and equity	50,477	50,428
Guarantor Subsidiaries
Current assets
Cash and equivalents	98	91	79	288
Receivables, net	1,237	1,294
Inventories	574	528
Prepaid expenses and other current assets	107	91
Total current assets	2,016	2,004
Noncurrent inventories and theatrical film and television production costs	1,891	1,929
Investments in amounts due to and from consolidated subsidiaries	10,915	11,319
Investments, including available-for-sale securities	449	441
Property, plant and equipment, net	415	423
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	2,007	2,007
Goodwill	9,880	9,880
Other assets	506	385
Total assets	28,079	28,388
Current liabilities
Accounts payable and accrued liabilities	814	854
Deferred revenue	75	67
Debt due within one year	511	511
Total current liabilities	1,400	1,432
Long-term debt	3,062	3,065
Deferred income taxes	2,872	3,011
Deferred revenue	26	26
Other noncurrent liabilities	1,885	1,886
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(54,590)	(52,869)
Other shareholders’ equity	73,424	71,837
Total Time Warner Inc. shareholders’ equity	18,834	18,968
Noncontrolling interest	0	0
Total equity	18,834	18,968
Total liabilities and equity	28,079	28,388
Non-Guarantor Subsidiaries
Current assets
Cash and equivalents	1,052	831	$ 490	$ 891
Receivables, net	7,223	7,329
Inventories	1,441	1,564
Prepaid expenses and other current assets	419	455
Total current assets	10,135	10,179
Noncurrent inventories and theatrical film and television production costs	6,063	6,028
Investments in amounts due to and from consolidated subsidiaries	13,092	13,155
Investments, including available-for-sale securities	2,671	2,628
Property, plant and equipment, net	1,995	2,039
Intangible assets subject to amortization, net	738	783
Intangible assets not subject to amortization	4,998	4,998
Goodwill	17,858	17,872
Other assets	2,653	2,522
Total assets	60,203	60,204
Current liabilities
Accounts payable and accrued liabilities	5,290	5,760
Deferred revenue	520	511
Debt due within one year	2	2
Total current liabilities	5,812	6,273
Long-term debt	9	9
Deferred income taxes	2,023	2,133
Deferred revenue	467	460
Other noncurrent liabilities	3,938	3,815
Redeemable noncontrolling interest	30	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	(1,287)	(366)
Other shareholders’ equity	49,209	47,849
Total Time Warner Inc. shareholders’ equity	47,922	47,483
Noncontrolling interest	2	2
Total equity	47,924	47,485
Total liabilities and equity	$ 60,203	$ 60,204

Supplementary Information - C62

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 7,735	$ 7,308
Costs of revenues	(4,333)	(4,005)
Selling, general and administrative	(1,275)	(1,251)
Amortization of intangible assets	(45)	(48)
Restructuring and severance costs	(12)	(5)
Asset impairments	(1)	(3)
Gain on operating assets, net	7	0
Operating income	2,076	1,996
Equity in pretax income (loss) of consolidated subsidiaries	0	0
Interest expense, net	(259)	(284)
Other income (loss), net	76	(40)
Income from continuing operations before income taxes	1,893	1,672
Income tax provision	(470)	(498)
Income from continuing operations	1,423	1,174
Discontinued operations, net of tax	0	40
Net income	1,423	1,214
Less Net loss attributable to noncontrolling interests	1	0
Net income attributable to Time Warner Inc. shareholders	1,424	1,214
Comprehensive income	1,406	1,170
Less Comprehensive loss attributable to noncontrolling interests	1	0
Comprehensive income attributable to Time Warner Inc. shareholders	1,407	1,170
Consolidation, Eliminations
Income Statement [Abstract]
Revenues	(221)	(237)
Costs of revenues	191	187
Selling, general and administrative	27	47
Amortization of intangible assets	0	0
Restructuring and severance costs	0	0
Asset impairments	0	0
Gain on operating assets, net	0
Operating income	(3)	(3)
Equity in pretax income (loss) of consolidated subsidiaries	(4,213)	(3,925)
Interest expense, net	1	2
Other income (loss), net	1	(1)
Income from continuing operations before income taxes	(4,214)	(3,927)
Income tax provision	1,201	1,190
Income from continuing operations	(3,013)	(2,737)
Discontinued operations, net of tax	0	(80)
Net income	(3,013)	(2,817)
Less Net loss attributable to noncontrolling interests	(2)
Net income attributable to Time Warner Inc. shareholders	(3,015)	(2,817)
Comprehensive income	(3,008)
Less Comprehensive loss attributable to noncontrolling interests	(2)
Comprehensive income attributable to Time Warner Inc. shareholders	(3,010)	(2,740)
Parent Company
Income Statement [Abstract]
Revenues	0	0
Costs of revenues	0	0
Selling, general and administrative	(105)	(120)
Amortization of intangible assets	0	0
Restructuring and severance costs	0	0
Asset impairments	0	(2)
Gain on operating assets, net	0
Operating income	(105)	(122)
Equity in pretax income (loss) of consolidated subsidiaries	2,203	2,028
Interest expense, net	(208)	(247)
Other income (loss), net	3	13
Income from continuing operations before income taxes	1,893	1,672
Income tax provision	(470)	(498)
Income from continuing operations	1,423	1,174
Discontinued operations, net of tax	0	40
Net income	1,423	1,214
Less Net loss attributable to noncontrolling interests	1
Net income attributable to Time Warner Inc. shareholders	1,424	1,214
Comprehensive income	1,406
Less Comprehensive loss attributable to noncontrolling interests	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,407	1,170
Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	2,020	1,983
Costs of revenues	(923)	(953)
Selling, general and administrative	(311)	(312)
Amortization of intangible assets	0	0
Restructuring and severance costs	(2)	(4)
Asset impairments	0	0
Gain on operating assets, net	0
Operating income	784	714
Equity in pretax income (loss) of consolidated subsidiaries	1,453	1,426
Interest expense, net	(68)	(76)
Other income (loss), net	0	(3)
Income from continuing operations before income taxes	2,169	2,061
Income tax provision	(613)	(618)
Income from continuing operations	1,556	1,443
Discontinued operations, net of tax	0	40
Net income	1,556	1,483
Less Net loss attributable to noncontrolling interests	1
Net income attributable to Time Warner Inc. shareholders	1,557	1,483
Comprehensive income	1,562
Less Comprehensive loss attributable to noncontrolling interests	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,563	1,453
Non-Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	5,936	5,562
Costs of revenues	(3,601)	(3,239)
Selling, general and administrative	(886)	(866)
Amortization of intangible assets	(45)	(48)
Restructuring and severance costs	(10)	(1)
Asset impairments	(1)	(1)
Gain on operating assets, net	7
Operating income	1,400	1,407
Equity in pretax income (loss) of consolidated subsidiaries	557	471
Interest expense, net	16	37
Other income (loss), net	72	(49)
Income from continuing operations before income taxes	2,045	1,866
Income tax provision	(588)	(572)
Income from continuing operations	1,457	1,294
Discontinued operations, net of tax	0	40
Net income	1,457	1,334
Less Net loss attributable to noncontrolling interests	1
Net income attributable to Time Warner Inc. shareholders	1,458	1,334
Comprehensive income	1,446
Less Comprehensive loss attributable to noncontrolling interests	1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,447	$ 1,287

Supplementary Information - C63

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATIONS
Net income	$ 1,423	$ 1,214
Less Discontinued operations, net of tax	0	(40)
Net income from continuing operations	1,423	1,174
Adjustments for noncash and nonoperating items:
Depreciation and amortization	165	167
Amortization of film and television costs	2,203	2,112
Asset impairments	1	3
(Gain) loss on investments and other assets, net	(166)	11
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	0	0
Equity in losses of investee companies, net of cash distributions	93	50
Equity-based compensation	57	108
Deferred income taxes	(44)	113
Changes in operating assets and liabilities, net of acquisitions	(2,266)	(2,981)
Intercompany	0	0
Cash provided by operations from continuing operations	1,466	757
Cash used by operations from discontinued operations	(5)	(4)
Cash provided by operations	1,461	753
INVESTING ACTIVITIES
Investments in available-for-sale securities	0	(5)
Investments and acquisitions, net of cash acquired	(168)	(93)
Capital expenditures	(98)	(75)
Advances to (from) parent and consolidated subsidiaries	0	0
Other investment proceeds	240	18
Cash used by investing activities	(26)	(155)
FINANCING ACTIVITIES
Borrowings	0	2
Debt repayments	(1,144)	(152)
Proceeds from exercise of stock options	56	56
Excess tax benefit from equity instruments	0	27
Principal payments on capital leases	(3)	(3)
Repurchases of common stock	0	(711)
Dividends paid	(316)	(322)
Other financing activities	(117)	(110)
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(1,524)	(1,213)
DECREASE IN CASH AND EQUIVALENTS	(89)	(615)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	1,539	2,155
CASH AND EQUIVALENTS AT END OF PERIOD	1,450	1,540
Consolidation, Eliminations
OPERATIONS
Net income	(3,013)	(2,817)
Less Discontinued operations, net of tax	0	80
Net income from continuing operations	(3,013)	(2,737)
Adjustments for noncash and nonoperating items:
Depreciation and amortization	0	0
Amortization of film and television costs	(12)	(7)
Asset impairments	0	0
(Gain) loss on investments and other assets, net	0	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	4,213	3,925
Equity in losses of investee companies, net of cash distributions	0	(1)
Equity-based compensation	0	0
Deferred income taxes	222	(50)
Changes in operating assets and liabilities, net of acquisitions	(1,415)	(1,133)
Intercompany	0	0
Cash provided by operations from continuing operations	(5)	(3)
Cash used by operations from discontinued operations	0	0
Cash provided by operations	(5)	(3)
INVESTING ACTIVITIES
Investments in available-for-sale securities		0
Investments and acquisitions, net of cash acquired	0	0
Capital expenditures	0	0
Advances to (from) parent and consolidated subsidiaries	(1,973)	(1,579)
Other investment proceeds	0	0
Cash used by investing activities	(1,973)	(1,579)
FINANCING ACTIVITIES
Borrowings		0
Debt repayments	0	0
Proceeds from exercise of stock options	0	0
Excess tax benefit from equity instruments		0
Principal payments on capital leases	0	0
Repurchases of common stock		0
Dividends paid	0	0
Other financing activities	1	2
Change in due to/from parent and investment in segment	1,977	1,580
Cash used by financing activities	1,978	1,582
DECREASE IN CASH AND EQUIVALENTS	0	0
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	0	0
CASH AND EQUIVALENTS AT END OF PERIOD	0	0
Parent Company
OPERATIONS
Net income	1,423	1,214
Less Discontinued operations, net of tax	0	(40)
Net income from continuing operations	1,423	1,174
Adjustments for noncash and nonoperating items:
Depreciation and amortization	3	2
Amortization of film and television costs	0	0
Asset impairments	0	2
(Gain) loss on investments and other assets, net	(22)	(3)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(2,203)	(2,028)
Equity in losses of investee companies, net of cash distributions	6	(8)
Equity-based compensation	11	42
Deferred income taxes	(44)	113
Changes in operating assets and liabilities, net of acquisitions	342	123
Intercompany	0	0
Cash provided by operations from continuing operations	(484)	(583)
Cash used by operations from discontinued operations	0	0
Cash provided by operations	(484)	(583)
INVESTING ACTIVITIES
Investments in available-for-sale securities		0
Investments and acquisitions, net of cash acquired	(21)	(9)
Capital expenditures	0	(7)
Advances to (from) parent and consolidated subsidiaries	1,543	1,471
Other investment proceeds	20	15
Cash used by investing activities	1,542	1,470
FINANCING ACTIVITIES
Borrowings		0
Debt repayments	(1,144)	0
Proceeds from exercise of stock options	56	56
Excess tax benefit from equity instruments		27
Principal payments on capital leases	0	0
Repurchases of common stock		(711)
Dividends paid	(316)	(322)
Other financing activities	29	58
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(1,375)	(892)
DECREASE IN CASH AND EQUIVALENTS	(317)	(5)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	617	976
CASH AND EQUIVALENTS AT END OF PERIOD	300	971
Guarantor Subsidiaries
OPERATIONS
Net income	1,556	1,483
Less Discontinued operations, net of tax	0	(40)
Net income from continuing operations	1,556	1,443
Adjustments for noncash and nonoperating items:
Depreciation and amortization	27	27
Amortization of film and television costs	735	768
Asset impairments	0	0
(Gain) loss on investments and other assets, net	5	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(1,453)	(1,426)
Equity in losses of investee companies, net of cash distributions	0	0
Equity-based compensation	23	30
Deferred income taxes	(127)	37
Changes in operating assets and liabilities, net of acquisitions	(12)	(330)
Intercompany	605	616
Cash provided by operations from continuing operations	1,359	1,165
Cash used by operations from discontinued operations	0	0
Cash provided by operations	1,359	1,165
INVESTING ACTIVITIES
Investments in available-for-sale securities		0
Investments and acquisitions, net of cash acquired	(9)	(14)
Capital expenditures	(32)	(13)
Advances to (from) parent and consolidated subsidiaries	429	108
Other investment proceeds	0	0
Cash used by investing activities	388	81
FINANCING ACTIVITIES
Borrowings		0
Debt repayments	0	(150)
Proceeds from exercise of stock options	0	0
Excess tax benefit from equity instruments		0
Principal payments on capital leases	(3)	(3)
Repurchases of common stock		0
Dividends paid	0	0
Other financing activities	(16)	(25)
Change in due to/from parent and investment in segment	(1,721)	(1,277)
Cash used by financing activities	(1,740)	(1,455)
DECREASE IN CASH AND EQUIVALENTS	7	(209)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	91	288
CASH AND EQUIVALENTS AT END OF PERIOD	98	79
Non-Guarantor Subsidiaries
OPERATIONS
Net income	1,457	1,334
Less Discontinued operations, net of tax	0	(40)
Net income from continuing operations	1,457	1,294
Adjustments for noncash and nonoperating items:
Depreciation and amortization	135	138
Amortization of film and television costs	1,480	1,351
Asset impairments	1	1
(Gain) loss on investments and other assets, net	(149)	14
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(557)	(471)
Equity in losses of investee companies, net of cash distributions	87	59
Equity-based compensation	23	36
Deferred income taxes	(95)	13
Changes in operating assets and liabilities, net of acquisitions	(1,181)	(1,641)
Intercompany	(605)	(616)
Cash provided by operations from continuing operations	596	178
Cash used by operations from discontinued operations	(5)	(4)
Cash provided by operations	591	174
INVESTING ACTIVITIES
Investments in available-for-sale securities		(5)
Investments and acquisitions, net of cash acquired	(138)	(70)
Capital expenditures	(66)	(55)
Advances to (from) parent and consolidated subsidiaries	1	0
Other investment proceeds	220	3
Cash used by investing activities	17	(127)
FINANCING ACTIVITIES
Borrowings		2
Debt repayments	0	(2)
Proceeds from exercise of stock options	0	0
Excess tax benefit from equity instruments		0
Principal payments on capital leases	0	0
Repurchases of common stock		0
Dividends paid	0	0
Other financing activities	(131)	(145)
Change in due to/from parent and investment in segment	(256)	(303)
Cash used by financing activities	(387)	(448)
DECREASE IN CASH AND EQUIVALENTS	221	(401)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	831	891
CASH AND EQUIVALENTS AT END OF PERIOD	$ 1,052	$ 490